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Determine the value in today dollars

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Reference no: EM133188310

Question - Sophie believes she can accumulate an amount of $35 360 in 3 years whilst working a part-time job and completing her studies at Deakin University.

a) Determine the value in today's dollars of the $35 360 at a compound interest rate of 3.50% p.a.

b) What does the time value of money mean in finance? Provide an example in your response.

Reference no: EM133188310

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