On May 1, Terrell plans to make a single (lump-sum) deposit into an investment account...
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Accounting
On May 1, Terrell plans to make a single (lump-sum) deposit into an investment account that earns 5% compounded annually. He wants this investment to be worth $20,000 eight (8) years later.
Question:
What should be the amount of Terrell's initial investment on May 1?
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