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(5 points) To buy his favorite car, Alan is planning to accumulate money by investing his Christmas bonuses for the next four years in a
(5 points) To buy his favorite car, Alan is planning to accumulate money by investing his Christmas bonuses for the next four years in a security which pays a 10 percent annual rate ofretum. The car will cost $25,000 at the end of the fourth year and Larry's Christmas bonus is $5,500 a year. Will Alan accumulate enough money to buy the car? How much additional will he either need or have
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