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Jerry would like to have $ 7 7 , 0 0 0 for a down payment on a new house. Jerry plans to buy the

Jerry would like to have $

77, 000

for a down payment on a new house. Jerry plans to buy the house in

5

years. How much would Jerry have to deposit today into a savings account paying

8 %

interest in order to have the money for the down payment?

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