Children funding when it is ready to buy equipment

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Reference no: EM131954782

The Children Funding invested $5,000 this year for the purpose of buying a new equipment in five years. Next year, it promises to invest an additional $3,000 for the same purpose. If the annual interest rate on the investment is 15%, how much will be available to the Children Funding when it is ready to buy the equipment?

Reference no: EM131954782

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