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Jim Ryan, an owner of a Burger King restaurant, assumes that his restaurant will need a new roof in 8 years. He estimates the roof

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Jim Ryan, an owner of a Burger King restaurant, assumes that his restaurant will need a new roof in 8 years. He estimates the roof will cost him $11,200 at that time. What amount should Jim invest today at 12% compounded quarterly to be able to pay for the roof? (Do not round intermediate calculations. Round your answer to the nearest cent.) Amount to be Invested Prey 8 of 13 Next

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