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A relative has promised to pay you $85.00 today, and he will pay you additional payments every year for the next five years. Each year he will add $54.00 to the previous payment. (So, the payment in year 1 will equal $139.00). You decide to save every dollar you are given and will invest the money in an account paying 5.00% annual interest. How much money will you have accumulated in five years? Keep in mind that you will have six total cash flows to invest.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92437175

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