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It is now January 1, 2021, and you will need $1,000 on January 1, 2025, in 4 years. Your bank compounds interest at an 8%

It is now January 1, 2021, and you will need $1,000 on January 1, 2025, in 4 years. Your bank compounds interest at an 8% annual rate.

How much must you deposit today to have a balance of $1,000 on January 1, 2025?

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