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1.Fred would like to take a nice vacation when he retires in three years.He estimates that he will need $15,000 for the vacation. He invests
1.Fred would like to take a nice vacation when he retires in three years.He estimates that he will need $15,000 for the vacation. He invests $12,500 today (assume he can earn a 5% annual return, compounded annually).
How much money will Fred have in 3 years?
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