Multiple Choice
The solution to this problem requires time value of money calculations.Reference to Tables 9-1 through 9-4 in the text is necessary to complete the calculations.
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Pablos wants to save some money so that he can make a down payment of $3,000 on a car when he graduates from college four years from now.If he opens a savings account and earns 3% on his money,compounded annually,how much will he have to invest now?
A) $2,520
B) $2,664
C) $2,910
D) $3,000
Correct Answer:
Verified
Correct Answer:
Verified
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