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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 2.577Present value of $1:.772Future value of an ordinary annuity of $1 3.246Future value of $1: 1.260
A. $6,081B. $4,381C. $6,412D. $5,518
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