Sufficient funds to purchase the required textbooks

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Reference no: EM131863093

Suppose that you need $500 to buy required textbooks when you enter university in 3 years. You can earn 3% per annum in your saving account with current balance of $250. How much do you have to invest today to ensure you have sufficient funds to purchase the required textbooks 3 years later?

Reference no: EM131863093

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