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How much will Mr Chips need to invest today

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Reference no: EM133002500

Question - Mr. Chips, Inc. wishes to accumulate $1,200,000 to be used to pay off a balloon note at the end of 5 years. How much will Mr. Chips need to invest today to accumulate the desired amount if the investment earns an annual rate of 8% compounded quarterly? (Select the closest amount.)

A. $257,458

B. $1,783,167

C. $1,086,877

D. $807,564

Reference no: EM133002500

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