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You expect that you will need to replace your furnace in 5 years at a cost of $16,104. How much must you save today in

You expect that you will need to replace your furnace in 5 years at a cost of $16,104. How much must you save today in an account that pays 2.95% APR (compounded monthly) to exactly pay the $16,104 in 5 years?

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