Business, 17.02.2020 21:30 daphnevlogs11

You need $24,656 at the end of 7 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. What single payment could be made at the beginning of the first year to achieve this objective?

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You need $24,656 at the end of 7 years, and your only investment outlet is an 8 percent long-term ce...