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Compute the future value of the following invested amounts at the specified periods and interest rates.
|
Invested |
Interest |
Number of |
Item |
Amount |
Rate |
Periods |
a. |
$20,000 |
8% |
10 |
b. |
$30,000 |
4% |
8 |
c. |
$10,000 |
12% |
15 |
55. Anthony would like to have $18,000 to buy a new car in three years. Currently, he has saved $15,000. If he puts $15,000 in an account that earns 6% interest, compounded annually, will he be able to buy the car in three years?
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