Jenna would like to purchase a new car in three years. If she saves $1,000 per year in an account that pays 8% annual interest for the next 3 years, how much will she have saved for a down payment? (Round the final answer to the nearest dollar.)
A) $3,246
B) $3,772
C) $3,577
D) $2,577
A) $3,246
Explanation: $1,000 × 3.246 (future value of an ordinary annuity of $1) = $3,246
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