How much would you need to invest today

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Reference no: EM13271511

You plan to place a $40,000 down payment on a lake cabin in Northern Minnesota in ten years. If you invest in a long-term CD earning an annual rate of 5.50%, how much would you need to invest today to have enough for the down payment in ten years?

A) $28,264 B) $33,326 C) $23,417 D) $30,605

Reference no: EM13271511

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