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How much will rodney have in five years to put down

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Rodney received a total of $1000 cash as graduation gifts from various relatives. He wants to invest it in a guaranteed investment certificate (GIC) so that he will have a down payment on a car when he graduates from university in five years. His bank will pay 3 percent interest compounded annually for the five-year GIC. How much will Rodney have in five years to put down on his car?

Reference no: EM132494899

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