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Economics - Financial Markets
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OpenStudy (hockeychick23):
Your company operates a machine that will need to be replaced in 4 years. You've estimated the purchase price of a new machine (in 4 years) to be $10,000. You do not want to use debt financing so you've decided to invest $2,000 at 6% per year at the start of each year. Will you have enough saved at the end of 4 years to purchase the replacement machine?
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