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You expect to buy a house in 9 years. At that time, you will need a down payment of $44,627. A local bank offers a
You expect to buy a house in 9 years. At that time, you will need a down payment of $44,627. A local bank offers a savings account that pays 4% per year, compounded monthly.
What is the amount you would need to deposit today in order to have the $44,627 in 9 years?
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