How much can alvin spend on the computer

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Alvin's Uncle Arnold gave him $16,000 from selling the old family farm. Alvin wants to start college and have $12,000 available to buy a used car when he graduates in 4 years. Alvin wants to buy a new computer, software, and peripherals now, and he earns nominal interest rate 3% compounded yearly in his savings account. How much can he spend on the computer now and still have enough to grow to the $12,000 he needs when he graduates.

Reference no: EM13206668

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