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After starting to turn significant profit

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Reference no: EM132078173

After starting to turn significant profit, Lumyn Electronics decided that an investment account for their future expansion plans is now necessary. The company's goal is to expand to a major mall location for which $100,000 would be needed. If the investment account pays 12% interest compounded monthly, what would their initial investment have to be in order to reach their $100,000 goal in 5 years?

Reference no: EM132078173

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