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Morgan received the proceeds from an inheritance on March 17. He wants to set aside enough on March 18 so that he will have $25

  1. Morgan received the proceeds from an inheritance on March 17. He wants to set aside enough on March 18 so that he will have $25 000 available on October 20 to purchase a car when the new models are introduced. If the current interest rate on short-term deposits is 6 %, what amount should he place in the term deposit? How much interest will he earn?

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