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27 January, 21:32

Jackie would like to buy a $19700 Toyota hybrid car in 4 years. Jackie wants to put the money aside now. Jackie's bank offers 8% interest compounded semiannually. How much must Jackie invest today?

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  1. 27 January, 21:39
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    A=p (1+i/k) ^kt

    19700=p (1+8%/2) ^2*4

    Can you solve for p?
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