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How much do you need to save every year

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Question - You have a plan of putting up a franchise business after 8 years. You estimated that you need P 800,000.00 for the cost of the franchise 8 years from now. You plan to save the same amount of money each year starting the end of this year in order to cover the cost of the franchise. If you can invest you money in an instrument that yields 5% annually, how much do you need to save every year?

Reference no: EM132930680

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