How much should he deposit into his bank account now

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Question: Henry makes a short-term investment of $12,500 at a 4% interest rate for 1 year. How much will he receive at the end of the year? He makes a new investment for a longer period of time. He invests $8,000 at an 8% interest rate per year. How much will he receive after 7 years? What is the amount of interest? After 5 years, Henry wants to spend $12,000 for a road trip. How much should he deposit into his bank account now that pays an interest rate of 6%?

Reference no: EM133491629

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How much should he deposit into his bank account now : After 5 years, Henry wants to spend $12,000 for a road trip. How much should he deposit into his bank account now that pays an interest rate of 6%

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