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Newman Bowie is trying to determine the amount to set aside so that he will...

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Accounting

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Newman Bowie is trying to determine the amount to set aside so that he will have enough money on hand in 5 years to overhaul the engine on his vintage used car. While there is some uncertainty about the cost of engine overhauls in 5 years, by conducting some research online, Newman has developed the following estimates Engine Overhaul Estimated Cash Outflow Probability Assessment $320 450 710 840 10% 30% 50% 10% her How much should Newman Bowie deposit today in an account earning 8%, compounded annually, so that he will have enough money on hand in 5 years to pay for the overhaul? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Deposit amount

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