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1. You will require $640 in 6 years. If you earn 4% interest on your funds, how much will you need to invest today in

1. You will require $640 in 6 years. If you earn 4% interest on your funds, how much will you need to invest today in order to reach your savings goal?

2. Old Time Savings Bank pays 5% interest on its savings accounts. If you deposit $1,100 in the bank and leave it there, please round your answer to 2 decimal places.

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