Investment account for purpose of buying new equipment

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Reference no: EM13911593

One year ago, the Jenkins Family Fun Center deposited $4,900 in an investment account for the purpose of buying new equipment four years from today. Today, they are adding another $6,700 to this account. They plan on making a final deposit of $8,900 to the account next year. How much will be available when they are ready to buy the equipment, assuming they earn a 6 percent rate of return?

Reference no: EM13911593

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