Brenda Young desires to have $16,500 eight years from now for her daughter’s college fund. If she will earn 12 percent (compounded annually) on her money, what amount should she deposit now?
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Brenda Young desires to have $16,500 eight years from now for her daughter’s college fund. If she will earn 12 percent (compounded annually) on her money, what amount should she deposit now?
Data given:
FV= $16500
n=8 years
r=12% (compounded annually)
Required: what amount should she deposit now?
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