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Problem:

One year ago, the Jenkins Family Fun Center deposited $3,800 in an investment account for the purpose of buying new equipment four years from today. Today, they are adding another $5,600 to this account. They plan on making a final deposit of $7,800 to the account next year.

Required:

Question: How much will be available when they are ready to buy the equipment, assuming they earn a 6 percent rate of return?

$20,430.48
$21,445.05
$20,093.28
$18,920.17
$20,892.66

Note: Explain all steps comprehensively.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91149093

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