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What is the total minimum amount that Mr Peterson needs

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Reference no: EM132791989

Question - Mr. Peterson would like to provide the following future cash payments to his son: $5,000 each year for the next 4 years beginning one year from today to help him pay for his schooling. Also, Mr. Peterson would like to give his son an additional $15,000, 3 years from today to help him buy a vehicle, and another $10,000, 5 years from today so he can go on a vacation.

Required - What is the total minimum amount that Mr. Peterson needs to invest today so that he will have the future funds available to make the planned payments to his son? Assume Mr. Peterson can earn 7% on his investment.

Reference no: EM132791989

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