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Jenna would like to purchase a new car in three years. If she saves $ 1 comma 200 $1,200 per year in an account that
Jenna would like to purchase a new car in three years. If she saves $ 1 comma 200
$1,200 per year in an account that pays8% annual interest for the next 3years, how much will she have saved for a downpayment? (Round the final answer to the nearestdollar.)
Values fori=8%, n=3
Present value of an ordinary annuity of$1: 2.577
Present value of$1: .772
Future value of an ordinary annuity of$1: 3.246
Future value of$1: 1.260
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