Calculate the maturity value of the investment

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Pete Air wants to buy a used Jeep in 3 years. He estimates the Jeep will cost $15,100. Assume Pete invests $10,100 now at 6% interest compounded semiannually.

a. Calculate the maturity value of the investment. (Do not round intermediate calculations. Round your answer to the nearest cent.)

b. Will Pete have enough money to buy his Jeep at the end of 3 years?

? multiple choice
No
Yes

Reference no: EM132901557

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