Question: Problem 2 7 Marks Xeniyah is saving towards a down payment on her first brand new car, which she hopes to purchase in 5 years.

Problem 2 7 Marks Xeniyah is saving towards a down payment on her first brand new car, which she hopes to purchase in 5 years. She plans to set aside most of her annual Christmas bonus in an enhanced savings account over the next five (5) years as follows: Year 1 Year 2 Year 3 Year 4 Year 5 $3,500 $5,000 $7,500 $7,500 $8,000 Xeniyah believes that she should earn an annual rate of 8% on this investment. How much would she have for the down payment by the end of year 5

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