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How much must be deposited today into the following account in order to have $ 7 5 , 0 0 0 in 7 years for

How much must be deposited today into the following account in order to have $

75, 000

7

years for a down payment on a

house? Assume no additional deposits are made. An account with monthly compounding and an APR of

7 % .

How much should be deposited today?

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