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(5 points) To buy his favorite car, Larry is planning to accumulate money by investing his Christmas bonuses for the next five years in a
(5 points) To buy his favorite car, Larry is planning to accumulate money by investing his Christmas bonuses for the next five years in a security which pays a 10 percent annual rate of return. The car will cost $20,000 at the end of the fifth year and Larry's Christmas bonus is $3,000 a year. Will Larry accumulate enough money to buy the car? How much additional will he either need or have
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