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Jackie plans to open her own bookstore in 10 years. To raise the seed money, she has committed the $10,000 she now has in a
Jackie plans to open her own bookstore in 10 years. To raise the "seed" money, she has committed the $10,000 she now has in a mutual fund. In addition, she plans to save $2,000 per year (end of year) for the next 5 years and $3,000 per year (end of year) for the following 5 years. How much "seed" money will Jackie have in 10 years if the investments earn 10 percent per year compounded annually?
a. $76,129 b. $63,925 c. $159,370 d. $44,255
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