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1. Blake needs $10,000 for purchasing his house after 5 years. So, he goes to the bank and then asks the banker the interest rate

1. Blake needs $10,000 for purchasing his house after 5 years. So, he goes to the bank and then asks the banker the interest rate per year for saving. The banker suggests the saving rate per year, 4%. Under this situation, how much should he save today?

a. $8,219 b. $9,500 c. $10,000 d. $7,500 e. $6,729

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