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Brief Exercise 6-14 Amy Monroe wants to create a fund today that will enable her...

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Accounting

Brief Exercise 6-14

Amy Monroe wants to create a fund today that will enable her to withdraw $25,000 per year for 8 years, with the first withdrawal to take place 5 years from today.

If the fund earns 8% interest, how much must Amy invest today? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.)

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