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What single payment could be made at the beginning

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Question - You need $25,256 at the end of eight years, and your only investment outlet is a 8 percent long-term certificate of deposit (compounded annually). With the certificate of deposit, you make an initial investment at the beginning of the first year.

a. What single payment could be made at the beginning of the first year to achieve this objective?

b. What amount could you invest at the end of each year annually for eight years to achieve this same objective?

Reference no: EM133071578

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