Bart Simpson, age 10, wants to be able to buy a really cool new car when he turns 16. His really cool car costs $ 15,000 today, and its cost is expected to in-crease 3 percent annually. Bart wants to make one deposit today (he can sell his mint- condition original Nuclear Boy comic book) into an account paying 7.5 percent annually in order to buy his car in 6 years. How much will Bart’s car cost, and how much does Bart have to save today in order to buy this car at age 16?
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