Today is Almo's 20 th birthday and he has just received a large amount of money...
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Today is Almo's 20 th birthday and he has just received a large amount of money to sign a contract with a professional hockey team. He wants to put away enough money to make sure that on his 50 th birthday he will have $2,500,000. For the next ten years he is confident that his investments will earn 15% compounded annually and after that, 10% compounded annually. To the nearest dollar, how much must he invest today? Today is Almo's 20 th birthday and he has just received a large amount of money to sign a contract with a professional hockey team. He wants to put away enough money to make sure that on his 50 th birthday he will have $2,500,000. For the next ten years he is confident that his investments will earn 15% compounded annually and after that, 10% compounded annually. To the nearest dollar, how much must he invest today?
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