Mathematics, 16.07.2021 20:00, unknown5351

Thomas and Scott can invest their money at 7% annual interest. They’re planning to buy a recording studio and they want to pay for the $75,000 studio in 5 payments of $15,000 over the course of five years. How much money will they need to invest right now if they plan to make one payment per year, the first of which is due one year from now?

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Thomas and Scott can invest their money at 7% annual interest. They’re planning to buy a recording...