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MC algo 5-25 Calculating Interest Rates
You need to have $31,500 in 17 years. You can earn an annual interest rate of 5 percent for the first 5 years, 5.6 percent for the
next 4 years, and 6.3 percent for the final 8 years. How much do you have to deposit today?
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$12,174.25
$13,743.35
$11,311.70
$10,047.95
$12,169.02