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Phillip would like to accumulate $ 5 0 5 , 0 0 0 for his retirement in 8 years. If he is promised a rate

Phillip would like to accumulate $

505, 000

for his retirement in

8

years. If he is promised a rate of

3.54 %

compounded quarterly by his local bank, how much should he invest today?

Round to the nearest cent

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