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Pete Air wants to buy a used Jeep in 7 years. He estimates the Jeep will cost $17,000. Assume Pete invests $12,000 now at 12%

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Pete Air wants to buy a used Jeep in 7 years. He estimates the Jeep will cost $17,000. Assume Pete invests $12,000 now at 12% interest compounded semiannually. a. Calculate the maturity value of the investment (Do not round intermediate calculations. Round your answer to the nearest cent.) Maturity value b. Will Pete have enough money to buy his Jeep at the end of 7 years? Yes No

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