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Suppose you need to $5,000 as the down payment on a car. If you have an...

Suppose you need to $5,000 as the down payment on a car. If you have an account earning 3.75% interest compounded monthly and you want to make the purchase in one year, how much would you need to invest today?

Solve the equation A = 2P(1 + rt) for r.
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