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Your account pays interest at 12 percent p.a.. You deposit $ 12,382 in it today. You must have exactly $ 86,639 in the account at
Your account pays interest at 12 percent p.a.. You deposit $ 12,382 in it today. You must have exactly $ 86,639 in the account at the end of two years. What should you do at the end of the first year (that is, what dollar amount must you deposit) to ensure this?
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