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6. Lou Ling, owner of Lou's Lube, estimates that he will need $70,000 for new equipment in 7 years. Lou decided to put aside money

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6. Lou Ling, owner of Lou's Lube, estimates that he will need $70,000 for new equipment in 7 years. Lou decided to put aside money today so it will be available in 7 years. Reel Bank of fers Lou 6% interest compounded quarterly. How much must Lou invest to have $70,000 in 7 years? (p. 304)

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