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Kim and Taylor will need $1,550.00 in 6 months to pay their property tax. Their bank has a 6 month CD that is earning an
Kim and Taylor will need $1,550.00 in 6 months to pay their property tax. Their bank has a 6 month CD that is earning an amazing 7.5% compounded weekly. How much should they deposit today so that they can pay the property tax bill in 66 months? Round your answer up to the nearest cent. Assume no additional deposits or withdrawals are made after the initial deposit.
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