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Managerial Finance: Determining Formulas

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1. How much would you need to invest today at 8% compounded annually to have $25,000 available to purchase a new car four years from now? What is the formula for this answer?
a. $18,267.26
b. $18,375.75
c. $19,147.25
d. $21,370.10
e. $22,149.57

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Solution Summary

This solution provides steps to determine the formula necessary.

Solution Preview

Using a financial calculator (Casio FC200),

FV = 25000
i = ...

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