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Tom wants to have $28,000 three years from now to buy a new car. He wants to make one deposit to fund this expenditure. How

Tom wants to have $28,000 three years from now to buy a new car. He wants to make one deposit to fund this expenditure. How much does he have to deposit if he will earn 5.5 percent per year on his investment?

A. $22,602.07

B. $23,845.18

C. $24,319.61

D. $28,000.00

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