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Jean must pay a lump sum of $ 4 , 7 6 6 in 3 years. How much should be deposited today at an annual

Jean must pay a lump sum of $

4, 766

3

years. How much should be deposited today at an annual interest rate of

4.66 %

in order to have this lump sum amount in

3

years? Assume we are compounding annually.

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