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Investment made at 16 was 2000 Although that is not relevant to the question you asked because you assumed that you (will) have $9378 by age 20 somehow, if you are going into the 2nd summer of work now, you will need to invest an average of $1728 after each of the remaining 3 summers in order to accumulate $9378 in assets at an average growth of 10.7%. This is given by the following formula: =pmt(10.7%, 3, -2000*(1+10.7%), 9378, 1) |
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