Present Value of an ordinary annuity of 1

Amy Monroe wants to create a fund today that will enable her to withdraw $32,210 per year for 7 years, with the first withdrawal to take place 5 years from today. (Use the tables below.)

If the fund earns 10% interest, how much must Amy invest today? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.)


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