Emma Li, a first-year student at UTSC, needs $55,356 in 4 years to buy the car of

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Emma Li, a first-year student at UTSC, needs $55,356 in 4 years to buy the car of her dreams. Her investments earn 5% interest per year. If she invested once a year for four years how much must she invest? Her first investment will be today and her last investment will be at the beginning of her 4th year. She needs the money at the end of the 4th year. Round your answer to zero decimal places.

Posted Date: May 15, 2024 01:49 PM

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Emma Li, a first-year student at UTSC, needs $55,356 in 4 years to buy the car of

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To solve this problem we need to use the present value formula to determine the amount Emma needs to ... View the full answer

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