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Present value: Jack Robbins is saving for a new car. He needs to have $ 21,000 for the car in three years.

8. Present value: Jack Robbins is saving for a new car. He needs to have $ 21,000 for the car in three years. How much will he have to invest today in an account paying 8 percent annually to achieve his target? (Round to nearest dollar.)
a. $22,680
b. $26,454
c. $16,670
d. $19,444

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