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Michael wishes to give his son a savings bond that will mature in 8 years....

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Basic Math

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Michael wishes to give his son a savings bond that will mature in 8 years. He would like the value of the savings bond to be $5,000 at maturity. If he can invest in a bond that has an annual interest rate of 4% compounded monthly, which of the following is the best approximation of the amount he should invest?(A) $3,200(B) $3,350(C) $3,500(D) $3,650

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