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An investment is offering 16% interest on magic accounts. If you deposit your life savings of $1,000 today and your expected college graduation presents of

An investment is offering 16% interest on "magic" accounts. If you deposit your life savings of $1,000 today and your expected college graduation presents of $1,000 in 3 years, how much will you have at the end of year 4? Can you purchase a good used car that will cost $3,000 with the magic account?

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