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You are planning to purchase a house four years from now, and you will need $12,000 for a down payment at that time. Suppose you
You are planning to purchase a house four years from now, and you will need
$12,000 for a down payment at that time. Suppose you can earn 4.5% per year in a
money market fund. How much do you need to deposit into the fund today, in a
single deposit, in order to have $12,000 at the end of four years?
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