How much must be deposited today into the following account in order to have $ $70$ comma $000$ in $7$years for a down payment on a$$ house? Assume no additional deposits are made.

An account with annual compounding and an APR of $5\%$

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Part $1$

$$$

$$

enter your response here should be deposited today.

$($Do not round until the final answer. Then round to the nearest cent as$$ needed.$)$