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You have decided to purchase a new car in 6 years and you decide that you need 32,430 dollars to purchase the car with cash.

You have decided to purchase a new car in 6 years and you decide that you need 32,430 dollars to purchase the car with cash. Given the prevailing interest rate on deposits is 0.08, how much oney should you deposit to have sufficient funds in 6 years?

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