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You plan to go to Asia to visit friends in five years. The trip is expected to cost a total of$25,000 at that time. Your
You plan to go to Asia to visit friends in five years. The trip is expected to cost a total of$25,000 at that time. Your parents have deposited $14,000 for you in a Time Depositpaying 4% interest annually, maturing five years from now. Uncle Lee has agreed topay for all remaining expenses. If you are going to put Uncle Lee's gift in an investmentearning 6% over the next five years, how much must he deposit today, so you can visityour friends five years from today?
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