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How much would you have to invest today if you did not need the $1000 for...

How much would you have to invest today if you did not need the $1000 for 8 years? Round answer to the nearest dollar. Assume annual compounding and end of period mode. $__

the interest rate is 8%
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Answer #1

PV = FV / (1 + r)^n

= $1,000 / (1 + 0.08)^8

= $1,000 / 1.8509

= $540.27

Amount to invest today is $540.27

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