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1.Jim Mayer has deposited $8,000 in a guaranteed investment account with a promised rate of 9% compounded annually. He plans to leave it there for

1.Jim Mayer has deposited $8,000 in a guaranteed investment account with a promised rate of 9% compounded annually. He plans to leave it there for 5 full years when he will make down payment on a car after graduation. How much of a down payment will he be able to make?

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