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Suppose you buy a new car right now with the total expense equals $38,000.00. How much would you have needed to invest 15 years ago

Suppose you buy a new car right now with the total expense equals $38,000.00. How much would you have needed to invest 15 years ago in an account paying 4% compounded annually to cover this amount?

Multiple Choice

  • $16,880.04

  • $25,320.06

  • $23,210.06

  • $21,100.05

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