You need $25,856 at the end of 9 years, and your only investment outlet is...
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Finance
You need $25,856 at the end of 9 years, and your only investment outlet is an 8 percent long-term certificate of deposit (compounded annually). With the certificate of deposit, you make an initial investment at the beginning of the first year. Use Appendix B and Appendix C for an approximate answer, but calculate your final answer using the formula and financial calculator methods.
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