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How much will Jenna have saved for a down payment

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Reference no: EM132946315

Problem 1: Jenna would like to purchase a new car in three years. If she saves $1,700 per year in an account that pays 8% annual interest for the next 3 years, how much will she have saved for a down payment? (Round the final answer to the nearest dollar.)

Values for i= 8%, n = 3

Present value of an ordinary annuity of $1 2.577
Present value of $1:.772
Future value of an ordinary annuity of $1  3.246
Future value of $1: 1.260

A. $6,081
B. $4,381
C. $6,412
D. $5,518

Reference no: EM132946315

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