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Marty would like to accumulate enough in an investment account to purchase an item in 7 years for $6.50. Annual interest rate paid on Marty's

Marty would like to accumulate enough in an investment account to purchase an item in 7 years for $6.50. Annual interest rate paid on Marty's investment account is 10 % compounded monthly. What dollar amount must Marty deposit today to enable the purchase of the item in 7 years?

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