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Tim Reese, owner of Tim's Lube, estimates that he will need $ 6 0 , 0 0 0 for new equipment in 6 years. Tim

Tim Reese, owner of Tim's Lube, estimates that he will need $

60, 000

for new equipment in

6

years. Tim decided to put aside money today so it will be available in

6

years. Reel Bank offers Tim

8 %

interest compounded quarterly. How much must Tim invest to have $

60, 000

6

years?

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