Future Value of a Bond Fund
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Bob has a rich uncle who wishes to help with his education. He will invest in a bond fund paying 4% compounded semi-annually and maturing in 18 years. How much should he invest if he wants the value of his bond fund to be worth $85,000 when it matures? _____ ?
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Solution Summary
The solution provides step by step calculations for determining the present value of the required investment.
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