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HSBC bank offers a savings account with a 3 % annual interest rate, compounded monthly. Kate wants to open a savings account and make one

HSBC bank offers a savings account with a

3 %

annual interest rate, compounded monthly. Kate wants to open a savings account and make one deposit now that will enable her to withdraw $

700

to go on vacation

5

months from now. How much money does Kate need to deposit now?

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