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Business, 13.02.2020 03:48 AllyJungkookie

You want to take a dream vacation in 3.5 years. You plan to save up $5,000 in your vacation sinking fund. Assume an interest rate of 8% compounded annually. How much will you have to save if you make a lump sum deposit to the sinking fund (i) during the year or (ii) at the beginning of the year?

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