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The owner of a small factory thinks that he will need $28,900 for new equipment...

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Accounting

The owner of a small factory thinks that he will need $28,900 for new equipment in 10 years. He decides that he will put aside the money now so that after 10 years the $ 82,500 will be available. His bank offers him 4% interest compounded semiannually. What is the present value of the $ 82,500?

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