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Explain the donuts in the future

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Homer Simson wants to eat more donuts in the future. He wants to be able to buy $6,200 of donuts in 5 years. The bank is offering four-year investment certificates that pay 5% nominal interest, compounded quarterly. How much money should he save from not drinking beer at Moe's in the next year to be able to invest in the 4 years investment and reach his goal after 5 years?

Reference no: EM133083402

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