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Future Value. Kyle has $1,400 in cash received for high school graduation gifts from various...

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Accounting

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Future Value. Kyle has $1,400 in cash received for high school graduation gifts from various relatives. He wants to invest it in a certificate of deposit (CD) so that he will have a down payment on a car when he graduates from college in five years. His bank will pay 4.9% per year, compounded annually, for the five-year CD. How much will Kyle have in five years to put down on his car? GD In five years, the amount Kyle will have to put down on his car is $ 0gnore the effect of income taxes and round your answer to the nearest cent) (Use your financial calculator or you may use the Financial Tables in Appendix C in computing your answer.)

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