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Kimberly needs to save $48000 over the next 6 years. If she can save $5000 per year and earn an 12% rate of return on

Kimberly needs to save $48000 over the next 6 years. If she can save $5000 per year and earn an 12% rate of return on an annualized, basis, by how much (approximately) will she exceed or fall short of her goal?

A. She will exceed the goal by $7424.

B. She will fall short of the goal by $7424.

C. She will exceed the goal by $23034.

D. She will fall short of the goal by $23034.

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