You plan to pay $38,000 cash for the new truck you want to buy 5 years from
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You plan to pay $38,000 cash for the new truck you want to buy 5 years from now. You are a very astute investor; all your money earns at 20% per year. If you have already saved $9500, the amount your rich aunt has to give you 2 years from now (as a graduation present) in order for you to have the total amount of $38,000 is closest to:
(a) <$7500
(b) $7654
(c) $8,310
(d) $9,880
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