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3. Beverly and Kyle Nelson currently insure their cars with separate companies paying $450 and $375 a year. If they insured both cars with the

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3. Beverly and Kyle Nelson currently insure their cars with separate companies paying $450 and $375 a year. If they insured both cars with the same company, they would save 10 percent on the annual premiums. What would be the future value of the annual savings over ten years based on an annual interest rate of 6 percent? (4 marks)

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