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Your aunt plans to give you $20,000 in exactly 5 years' time. You are needing funds now so she agrees instead to give you the
Your aunt plans to give you $20,000 in exactly 5 years' time. You are needing funds now so she agrees instead to give you the equivalent amount, allowing for the time value of money, today. She stipulates an interest rate of 3.6% compounding monthly. The amount she is prepared to give you is closest to:
Select one:
A.
$19,276
B.
$14,827
C.
$16,710
D.
19,718
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