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Your boss has just given you a $5,000 bonus for the superb work you have been doing. You want to save some of that money for a trip to Bora Bora that you are hoping to take in 4 years. You project that you will need $4,000 then. Assuming that you can open a savings account that earns a 3% annual interest rate that is compounded monthly, how much of your bonus should you invest today to reach your goal? You must show your calculator inputs to receive full credit (Ex: N=?, I=?, PV=?,PMT=?,FV=?). Round your answer to two decimal places.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91773111

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