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Golden Corporation agrees to pay an employee $8,000 a year for 20 years beginning ten...

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Accounting

Golden Corporation agrees to pay an employee $8,000 a year for 20 years beginning ten years from today and decides to fund the payments by depositing one lump sum in a savings account today. How much should the company deposit assuming the savings account will pay interest at an annual rate of 5%? a. $62,394 b. $64,266 c. $65,077 d. $66,958

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