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# Hi I don't know the formula to use for this question. Stephen plans to purchase a car in 5 years from now. The car will cost 32,000 at that time....

Hi I don't know the formula to use for this question.

Stephen plans to purchase a car in 5 years from now. The car will cost 32,000 at that time. Assume that Stephen can earn 7.32% (compounded monthly) on his money. How much should he set aside today for the purchase?

He set aside today... View the full answer

The way to answer this question is ... View the full answer

Time Value of Money: It explains that money which is available at present is worth more... View the full answer

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