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Stephen plans to purchase a car 4 years from now. The car will cost $52,120 at that time. Assume that Stephen can earn 4.85 percent (compounded monthly) on his money. How much should he set aside today for the purchase?

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Stephen plans to purchase

a car 4 years from now. The car will cost $52,120 at that time. Assume that Stephen can earn 4.85 percent (compounded monthly) on his money. How much should he set aside today for the purchase?

 
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