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Question: You saving up to buy a car. You plan on making your first savings deposit one year from today, and then making deposits for the following 3 years. These are the amounts you plan to save at the end of each year:

Years: 1-4

Projected Savings Amount Year 1: $6,000

Year 2: $6,000

Year 3: $7,000

Year 4:$7,000

You expect to earn an annual rate of 6% per year throughout. What amount will you have available at the end, at time 4, when you will buy the car? Using financial calculator.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M93065986

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