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A business wishes to have $80,000 ten years from now to make a down payment on...

A business wishes to have $80,000 ten years from now to make a down payment on a capital asset. How much money would the business need to invest in equal annual payments at a compound interest rate of 6% to have these funds available?

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Answer #1

80,000 = P * 13.180795

P = $6,069.44

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