Use the advertisement shown in Figure 11.12 as a basis for answering Problems 14-20. Assume the current
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Use the advertisement shown in Figure 11.12 as a basis for answering Problems 14-20. Assume the current interest rate is \(1.7 \%\).
Figure 11.12
Suppose you take the \(\$ 700,000\) cash payment and still want to have \(\$ 420,000\) in 30 years. How much of the \(\$ 700,000\) do you need to set aside now to have \(\$ 420,000\) in 30 years?
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