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Robert Smith is saving for a new tractor that costs $60,000. How many dollars should he set aside now to have $60,000 in 6 years

Robert Smith is saving for a new tractor that costs $60,000. How many dollars should he set aside now to have $60,000 in 6 years assuming that money compounds at 4% annually?

a. 46,418

b. 47,418

c. 48,418

d. 49,418

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