Mike wants to save money for purchasing a car. He plans to invest $15,000 in a high
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Question:
Mike wants to save money for purchasing a car. He plans to invest $15,000 in a high yield account today for 10 years. He expects that the interest rate for the account will be 6% for the first 4 years, but that it will rise to 8% for the following 6 years. How much is a car that Mike can afford at most after 10 years?
Select one:
a. None of the answers are correct
b. $150,000
c. $26,863
d. $32,384
e. $30,051
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