He invest now in order to have the same amount of money

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Fifteen years ago, Hailey invested $4,200 and locked in an 7 percent annual interest rate for 30 years (ending 15 years from now). Aidan can make a 15-year investment today and lock in a 9 percent interest rate.

How much money should he invest now in order to have the same amount of money in 15 years as Hailey? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Present value $

Reference no: EM131603358

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