How much should you deposit now into a certificate of deposit (CD) at a bank, if the CD matures 10 years from now, the interest rate is 3.75%, interest is compounded monthly, and you want to achieve $50,000? Give your answer to the nearest cent.

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
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How much should you deposit now into a certificate of deposit (CD) at a bank, if the CD matures 10 years from now, the interest rate is 3.75%, interest is compounded monthly, and you want to achieve $50,000? Give your answer to the nearest cent.
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