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Sara Wants to Have $500 000 in Her Savings Account

Question 55

Multiple Choice

Sara wants to have $500 000 in her savings account when she retires. How much must she put in the account now, if the account pays a fixed interest rate of 8%, to ensure that she has $500 000 in 20 years' time?


A) $107 274
B) $180 884
C) $231 480
D) $144 616

Correct Answer:

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