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3. The increase in new purchase price of a certain model grader has averaged an annual rate of 9 percent compounded. If this model can

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3. The increase in new purchase price of a certain model grader has averaged an annual rate of 9 percent compounded. If this model can be purchased right now for $12,000 new, what is the expected price for a replacement in five years if the price increase curve continues on the same trend

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