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How much would you have to invest today in the bank at an interest rate...

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Accounting

How much would you have to invest today in the bank at an interest rate of 5% to have an annuity of $1,400 per year for 5 years, with nothing left in the bank at the end of the 5 years? Select the amount below that is closest to your answer.

$6,667

$6,061

$7,000

$1,098

Answer & Explanation Solved by verified expert
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