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Knowledge Check Davis plans to save money to take a two-week cruise on December...

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Accounting

Knowledge Check
Davis plans to save money to take a two-week cruise on December 31,2028. On January 1,2025, Davis plans to invest money in an investment fund paying 7% interest to accumulate $11,800. How much should Davis deposit today to achieve the desired $11,800?(For calculation purposes, use five decimal places as displayed in the factor table provided. Round your answer to two decimal places (e.g.,52.75).)
Table 3: Present Value of 1
\table[[(n) Periods,6%,7%,8%,9%,10%,11%
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