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6. Future Value of a Present Amount. Gail has decided to purchase a new iPhone for $1,000 but needs to decide whether to finance at

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6. Future Value of a Present Amount. Gail has decided to purchase a new iPhone for $1,000 but needs to decide whether to finance at 22% interest, compounded monthly, with the entire amount payable after 5 years. How much will Gail owe for the new iPhone when the payment comes due in 5 years? Work

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