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Elsie Jackson is saving for a down payment on a condo. She needs $20,000. How much must she invest in a savings account that pays
Elsie Jackson is saving for a down payment on a condo. She needs $20,000. How much must she invest in a savings account that pays 6% annually to have the $20,000 in eight years? Round to the nearest dollar.
a. $13,206
b. $12,983
c. $13,616
d. $12,548
e. None of the above
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