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Megan wants to buy a designer handbag and plans to earn the money babysitting. Suppose the interest rate is 7% and she is willing to

Megan wants to buy a designer handbag and plans to earn the money babysitting. Suppose the interest rate is 7% and she is willing to wait one year to purchase the bag. How much babysitting money will she need to earn today to buy the bag for $550 one year from now?

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