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You want to invest $20,000 today to accumulate $32,000 for graduate school. You can invest at an interest rate of 10% compounded annually. Find
You want to invest $20,000 today to accumulate $32,000 for graduate school. You can invest at an interest rate of 10% compounded annually. Find how many years it will take to accumulate the required amount. Note: Use tables, Excel, or a financial calculator. Round your final answers to the nearest whole dollar. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Multiple Choice 6.0 years. 5.6 years. 4.9 years. 5.2 years.
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