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Consider a newlywed who is planning a wedding anniversary gift of a trip to Canada for her husband at the end of 10 years. She
Consider a newlywed who is planning a wedding anniversary gift of a trip to Canada for her husband at the end of 10 years. She will have enough to pay for the trip if she invests $4,000 per year until that anniversary and plans to make her first $4,000 investment on their first anniversary. Assume her investment earns a 7 percent interest rate, how much will she have saved for their trip if the interest is compounded in each of the following ways? (Answer rounded to the nearest dollar- leave out commas)
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