How much will she have to put towards the down payment

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Question: Assets-Compound Interest Earned

Nikki just graduated from high school and would like to buy a car. She received $3,000 in graduation gifts from family and friends. She will put this money into an 18 month certificate of deposit (CD) until she finds the car of her dreams. The CD earns 10% compounded monthly. How much will she have to put towards the down payment in 18 months?

Reference no: EM133264694

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