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You saving up to buy a car that will cost $28,124.10 in four years, at time 4. You plan on making your first savings deposit
You saving up to buy a car that will cost $28,124.10 in four years, at time 4. You plan on making your first savings deposit one year from today, and then making an additional deposit in each of the following 3 years. These are the amounts you plan to save at the end of each year. What rate will you need to earn to have enough in your savings account four years from now when you will buy the car?Show work and show using BA II Plus.
Year | Projected Savings Amount |
1 | $6,000 |
2 | $5,000 |
3 | $6,000 |
4 | $9,000 |
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