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Sydney would like to send his 14-year-old son to university when he finishes schooling. He...

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Finance

Sydney would like to send his 14-year-old son to university when he finishes schooling. He has calculated that in five years he will need S300,000 for his sons education. He wants to invest a lump sum in ABC Banks 5-year fixed deposit account, which offers a fixed interest rate of 8% per annum compounded annually. How much must Sydney invest now (in Year 0) to have S300,000 in Year 5?

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