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What is the value of new car

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Question 1: You want to save for a new car so you make payments of $706 at the end of every month into the bank. When you recieve your birthday present every year you put an extra $1704 into a payment on Dec 31 (at the end of the year). The interest rate on your account is 4% compounded quarterly. Assume today is January 1, and that you are going to purchase this new car with cash only in 7 years. What is the value of your new car?

Reference no: EM132494169

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