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You expect to receive $1,000 per year from a trust fund your grandmother has established for you. You would like to invest $4,600 in upgrading
You expect to receive $1,000 per year from a trust fund your grandmother has established for you. You would like to invest $4,600 in upgrading the same piece of equipment mentioned in the practice problems. If you can earn an return of 7%, how long do you have to wait before upgrading? Show all your work.
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