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How much must andy invest today to make good on promise

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Reference no: EM132500063

Question 1: Andy promises Opie that he will give him $5,000 upon his graduation from college at Mayberry U. How much must Andy invest today to make good on his promise, if Opie is expected to graduate in 12 years and Andy can earn 5% on his money?

Option A) $2,135.32

Option B) $2,784.19

Option C) $2,881.11

Option D) $3,012.88

Option E) $8,979.28

Reference no: EM132500063

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