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Using the Time Value of Money charts provided, answer the following question. (Note to Instructors: Provide the appropriate tables to students from Personal Finance, Seventh Edition, Appendix C: Financial Tables.)
Judy would like to have $200,000 saved in her retirement account in 20 years. Assuming an interest rate of 10%, how much should she contribute each year?
Hula Hoop
A toy hoop that is twirled around the waist, limbs, or neck, popularized in the 1950s.
Rebate
A partial refund to someone who has paid too much money for tax, rent, or utility.
Auction Without Reserve
A type of auction in which the item for sale will be sold regardless of the price since there is no minimum bidding threshold set.
Diamond Ring
A piece of jewelry featuring a diamond set into a ring, often used as a symbol of commitment or status.
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