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QUESTION 1: (10 marks) A) You want to quit your job and go back to school for a law degree 4 years from now, and
QUESTION 1: (10 marks) A) You want to quit your job and go back to school for a law degree 4 years from now, and you plan to save $6,400 per year, beginning immediately. You will make 4 deposits in an account that pays 5.7% interest. Under these assumptions, how much will you have 4 years from today? (5 marks) B) Your child's orthodontist offers you two alternative payment plans. The first plan requires a $4,000 immediate up-front payment. The second plan requires you to make monthly payments of $137.41, payable at the end of each month for 3 years. What nominal annual interest rate is built into the monthly payment plan? (5 marks) [Total: 10 marks)
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