Question: You plan to place a $40,000 down payment on a lake cabin in Northern Minnesota in five years. If you invest in a long-term CD

You plan to place a $40,000 down payment on a lake cabin in Northern Minnesota in five years. If you invest in a long-term CD earning an annual rate of 5.50%, how much would you need to invest today to have enough for the down payment in five years? A) $18,264 B) $24,379 C) $33,326 D) $30,605

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