Problem 5.5 Calculating Present Value [LO5-4] Brenda Young desires to have $14,500 eight years from...
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Problem 5.5 Calculating Present Value [LO5-4] Brenda Young desires to have $14,500 eight years from now for her daughter's college fund. If she will earn 4 percent (compounded annually) on her money, what amount should she deposit now? Use the present value of a single amount calculation. Use Exhibit 1-C. (Round time value factor to 3 decimal places and final answer to nearest whole number.)
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