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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 8% to have an annuity of $4,800 per year for 7 years, with nothing left in the bank at the end of the 7 years? Select the amount below that is closest to your answer. (Ignore income taxes.)

Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using the tables provided.

Multiple Choice

$2,798

$31,111

$33,600

$24,989

Answer & Explanation Solved by verified expert
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