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Adam wishes to have $24,000 available in 18 years to purchase a new car for his son as a gift for his highschool graduation. To

Adam wishes to have $24,000 available in 18 years to purchase a new car for his son as a gift for his

highschool graduation. To accomplish thisgoal, how much should Adam invest now in a CD that pays

1.56% interest compounded semiannually?

Adam should invest now.

(Round to the nearest cent asneeded.

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