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Marcy Wants to Buy a New Car in One Year

Question 27

Multiple Choice

Marcy wants to buy a new car in one year.  She currently has $1,500 in the bank. Marcy plans to save $250 a month towards the car.  How much will Marcy have for a down payment assuming her bank pays 6% compounded monthly? ​


A) ​$4,584
B) ​$3,084
C) ​$4,217
D) ​$4,676

Correct Answer:

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