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Juan hopes to have $6,000 for a car down payment three years from now. He opens a savings account and deposits $1,400 today. One year
Juan hopes to have $6,000 for a car down payment three years from now. He opens a savings account and deposits $1,400 today. One year from now, he plans to deposit $1,500 in the account, and one year after that, he plans to deposit $1,600. If the account earns 5 percent interest per year, how much money will Juan need to obtain from other sources to meet his $6,000 goal?
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