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you need $6000 at the end of the 5th year for traveling. Currently, a savings account in a bank offers10% annual interest rate (discount rate).

you need $6000 at the end of the 5th year for traveling. Currently, a savings account in a bank offers10% annual interest rate (discount rate). How much do you need to deposit now to have $6000 at the end of the 5th year. Here we assume annual compounding

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