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You are considering to deposit $1000 into a 5.6% savings account every year over the next 12 years. Alternatively, you can just deposit one larger
You are considering to deposit $1000 into a 5.6% savings account every year over the next 12 years. Alternatively, you can just deposit one larger sum of money in the account today, and no additional deposits in the coming years. How much would the have to put in the account today to reach the same sum of money after 12 years?
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