How much must be deposited today into the following account in order to have $65,000 in 5 years for a down payment on a house? Assume no additional deposits are made. An account with annual compounding and an APR of 6% $ should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)
How much must be deposited today into the following account in order to have $65,000 in 5 years for a down payment on a house? Assume no additional deposits are made. An account with annual compounding and an APR of 6% $ should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Transcribed Image Text:How much must be deposited today into the following account in order to have $65,000 in 5 years for a down payment on a house?
Assume no additional deposits are made.
An account with annual compounding and an APR of 6%
$ should be deposited today.
(Do not round until the final answer. Then round to the nearest cent as needed.)
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