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Your older sister deposited $5,000 today at 6 percent interest compounded annually for 5 years. You would like to have just as much money at

Your older sister deposited $5,000 today at 6 percent interest compounded annually for 5 years. You would like to have just as much money at the end of the next 5 years as your sister will have. However, you can only earn 4 percent interest compounded annually. How much more money must you deposit today than your sister did if you are to have the same amount at the end of the 5 years? (NOTE: show results and show calculations used in financial calculator which formula and the inputs into TVM Solve/Grid below) Timeline Time Horizon show to help visualize problem and assumptions, to determine what need to solve 0 I% = N= PV = FV= In Finance calculator - TVM Solver show your inputs and then output Values Entered (inputs) END N I/Y PV PMT FV P/Y C/Y PMT: END or BGN Solve for -output 1 field

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