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How much of a down payment will he be able to make

Problem:

Bradley Snapp has deposited $7,000 in a guaranteed investment account with a promised rate of 6% compounded annually. He plans to leave it there for 4 full years when he will make a down payment on a car after graduation. How much of a down payment will he be able to make?

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Finance Basics: How much of a down payment will he be able to make

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