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(1) Gary Kiraly wants to buy a new Italian sports car in three years. The vehicle is expected to cost $80,000 at that time. If

(1) Gary Kiraly wants to buy a new Italian sports car in three years. The vehicle is expected to

cost $80,000 at that time. If Gary should be so lucky as to find an investment yielding 12% over

that three-year period, how much would he have to invest now in order to accumulate $80,000

at the end of the three years?

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