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3. Terri has $3,000 to invest in the stock markets today and earn 9% annual return in a conversative mutual fund. She wants to have

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3. Terri has $3,000 to invest in the stock markets today and earn 9% annual return in a conversative mutual fund. She wants to have $24,000 to give to her granddaughter Karisha for a new car in 16 years. Will Terri have enough for her granddaughter? Explain what options are available to Terri to reach her objectives

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