You need to have $48000 in cash in 3 years to pay for an important family event.
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Question:
You need to have $48000 in cash in 3 years to pay for an important family event. You want a reasonably safe investment vehicle but would like to earn some interest on your funds. How much would you have to invest today into a 5-year CD earning 2.3 percent annual interest compounded annually to have exactly $48000 available in 5 years?
a. $33,545.10
b. $39,612.65
c.$40,536.93
d. $41,785.24
e. $42, 841.34
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