How much of a down payment will he be able to make

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Reference no: EM13980707

Jon Snow has deposited $7,000 in a guaranteed investment account with a promised rate of 6% compounded annually. He plans to leave it there for 4 full years when he will make a down payment on a horse after graduation from Winterfell. How much of a down payment will he be able to make?

$2,175.57

$1,960.00

$8,837.34

$8,960.00

Reference no: EM13980707

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