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20 June, 07:29

Lisa wants to have $5000 available for a down payment on a new car when she finishes her degree in four years. If her money market account has an interest rate of 3.75% compounded monthly, how much of her graduation money does she need to set aside for the car?

round 2 decimal places

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  1. 20 June, 07:49
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    5000 (1+0.0375/4) ^4*4

    Then you should get 5804.11.
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