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Today, your dream car costs $ 5 4 , 5 0 0 . You feel that the price of the car will increase at an

Today, your dream car costs $54,500. You feel that the price of the car will increase at an annual rate 2.4 percent. If you plan to wait 4 years to buy the car, how much will it cost at that time? (Assume annual compounding.)
Multiple Choice
$61,102.36
$59,923.38
$58,518.93
$61,361.54

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