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2 years ago
You are planning to deposit $10,000 today into a bank account. Five years from today you expect to withdraw $7,500. If the account pays 5% interest per year, how much will remain in the account eight years from today?  Round to the nearest dollar.
Textbook 
Financial Management: Principles and Applications
Edition: 13th
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2 years ago
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FV   = $10,000(1.05)5
    = $12,760
      Amount to invest in remaining three years = $12,760 - $7,500 = $5,260
FV   = $5,260 (1.05)3
    = $6,089
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