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13 October, 16:28

Kate wants to have 25,000 in 16 years. How much does she need to invest if the interest rate is 6 percent per year?

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  1. 13 October, 16:55
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    Well, to start to solve this problem, you can use the following formula.

    P. V. = FV / (1+i) ^t

    Plug in your numbers and you would have

    P. V. = $25,000 / (1+0.06) ^16

    Then solve.

    P. V. = $9,841.16
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