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You like to eat your lunch at McDonald's, but you would also like to purchase a car in 4 years. You have decided to start
You like to eat your lunch at McDonald's, but you would also like to purchase a car in 4 years. You have decided to start saving money now for the down payment on the car. Suppose you can save $?.00 (per lunch) by not eating at McDonald's, but rather bringing your lunch from home. Assume you do this 5 days a week, 4 weeks a month, and deposit the monthly amount saved in the bank at the end of each month (one deposit per month). lfthe bank pays 6% per year, compounded monthly, how much will you have saved at the end of the 4 years
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