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How much must be deposited today into the following account in order to have $55,000in 8 years for a down payment on ahouse? Assume no additional deposits are made. An account with annual compounding and an APR of 5%

How much must be deposited today into the following account in order to have $55,000in 8 years for a down payment

on ahouse? Assume no additional deposits are made.

An account with annual compounding and an APR of 5%

 
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