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Time value Personal Finance Problem As part of your financial planning, you wish to purchase...

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Time value Personal Finance Problem As part of your financial planning, you wish to purchase a new car 5 years from today The car you wish to purchase costs $20,000 today, and your research indicates that its price will increase by 4% to 8% per year over the next 5 years a. Estimate the price of the car at the end of 5 years if inflation is (1) 4% per year and (2) 8% per year b. How much more expensive will the car be if the rate of inflation is 8% rather than 4%? c. Estimate the price of the car if inflation is 4% for the next 3 years and 8% for 2 years after that a. The price of the car at the end of 5 years, if inflation is 4% per year is $(Round to the nearest cent)

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