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You estimate that a new car will cost $ 4 5 , 0 0 0 in five years. You would like to save a lump

You estimate that a new car will cost $45,000 in five years. You would like to save a lump-sum amount today, reinvesting any returns, to purchase the car in five years. How much must you save today to have $45,000 in five years if you are able to earn nine percent each year?

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