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Calculate how much money claire put into her savings account

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Problem - Claire wants to buy a car when she graduates from North State University 5 years from now. She believes that she will need $30,100 to buy the car.

(a) Calculate how much money Claire must put into her savings account today to have $30,100 in 5 years, assuming she can earn 10% compounded annually.

(b) Calculate how much money Claire must put into her savings account today to have $30,100 in 5 years, assuming she can earn 10% compounded semi-annually.

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Reference no: EM131624833

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