At a return rate of 20% per year, the amount of money you must deposit for five consecutive years starting 3 years from now for the account to contain $50,000 fifteen years from now is closest to:
(a) $1565
(b) $1759
(c) $1893
(d) $2093
A(F/A,20%,5)(F/P,20%,8) = 50,000
A(7.4416)(4.2998) = 50,000
A = $1563
Answer is (a)
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