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12) You are saving for a car that costs $28,000 that you hope to purchase in five years. How much will you need to deposit
12) You are saving for a car that costs $28,000 that you hope to purchase in five years. How much will you need to deposit today in a savings account that earns 8%, compounded annually, to withdraw enough for the purchase? A) $41,140 B) $25,760 C) $16,800 D) $19,057
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