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How much money must be invested now in order

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Question 1: Assume you can invest money at a 14% rate of return. How much money must be invested now in order to be able to withdraw $5,000 from this investment at the end of each year for 8 years, the first withdrawal occurring one year from now?

Option 1: $24,840

Option 2: $23,195

Option 3: $21,440

Option 4: $1,755

Reference no: EM132566675

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