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4. Your company plans to purchase a $750,000 hydraulic crane six years from now. Your bank currently offers a savings account that pays interest at
4. Your company plans to purchase a $750,000 hydraulic crane six years from now. Your bank currently offers a savings account that pays interest at a rate of 3.75% annually if you invest your money with them. You have been tasked with determining how much money you should invest now to buy the crane in the future. (2 points) a. Which equation should be used to solve the problem (number)? b. What total amount of money must be invested today at the offered interest rate to have $750,000 available six years in the future? c. How many dollars of the total $750,000 is gained by the income from interest over the six years? (How much with the bank pay you to use your money?)
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