Question: Please solve WITHOUT USING EXCEL. Show all work. Thank you! You would like to have $20,000 (in real $ ) in an account 8 years

Please solve WITHOUT USING EXCEL. Show all work. Thank you!

You would like to have $20,000 (in real $ ) in an account 8 years from now. If the inflation rate is expected to be 3%, and you expect a nominal return of 5% on the account, how much would you need to put in today

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