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11. You can afford car payments of $8,000 a year for 4 years. The bank will lend you this money today at 5 percent interest.

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11. You can afford car payments of $8,000 a year for 4 years. The bank will lend you this money today at 5 percent interest. How much can you borrow? (present value annuity) 12. You save $4,000 every year for 20 years with your retirement plan. If the interest rate is 3%, how much money can you receive from this plan when you retire? (future value annuity)

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