Question: USE FUTURE VALUE AND PRESENT VALUE TABLES TO APPLY COMPOUND INTEREST TO ACCOUNTING TRANSACTIONS Tim wants to save some money so that he can make

USE FUTURE VALUE AND PRESENT VALUE TABLES TO APPLY COMPOUND INTEREST TO ACCOUNTING TRANSACTIONS Tim wants to save some money so that he can make a down payment of $3,000 on a car when he graduates from college in four years.

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If he opens a savings account and earns 3 percent on his money, compounded annually, how much will he have to invest now?

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