Suppose your grandmother told you (today) that she had set aside an amount of money in a
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Suppose your grandmother told you (today) that she had set aside an amount of money in a savings account baring 3 percent interest that was sufficient to give you a $5,000 graduation present in exactly four years. How much would she have had to set aside?
a. $5,000
b. $5,000 x (1.03)4
c. $5,000 / (1.03)4
d. $5,000 / (1+ .034)
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