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3 years ago

6

Mark knows that he will need to buy a new car in 5 years. The car will cost $15,000 by then. How much should he invest now at 8%

, compounded quarterly, so that he will have enough to buy a new car?

1 answer:

exis [7]3 years ago

3 0

X - initial investment
8% - annual rate

x·=15,000,

so x = 10094.54

ANSWER: $10,094.57

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