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Ted Palmer has deposited $5,000 in a guaranteed investment account with a promised rate of 8% compounded annually. He plans to leave it there for

Ted Palmer has deposited $5,000 in a guaranteed investment account with a promised rate of 8% compounded annually. He plans to leave it there for 6 full years when he will make his down payment on his dream house. How much of a down payment will he be able to make?

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