QUESTION 26 (5 points) To buy a new boat, Larry is planning to accumulate money...
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QUESTION 26 (5 points) To buy a new boat, Larry is planning to accumulate money by investing his Christmas bonuses for the next four years in a security which pays an 8 percent annual rate of return. The boat will cost $40,000 at the end of the fourth year and Larry's Christmas bonus is $9,000 a year. Will Larry accumulate enough money to buy the boat? How much additional will he either need or have
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