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The effective annual rate of discount has been 4 % for the last 5 years. Prior to that, it was 5 % . A bank

The effective annual rate of discount has been

4 %

for the last

5

years. Prior to that, it was

5 % .

bank account has a balance of $

457

today. A single deposit of $X was placed in the account

8

years

ago. Calculate the value of $X

.

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