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Suppose you start saving today for a $30,000 down payment that you plan to make on a house in 8 years. Assume that you make no deposits into the account after the initial deposit. For the account described below, how much would you have to deposit now to reach you $30,000 goal in 8 years.
An account with daily compounding and an APR of 6%
You should invest?

  • math -

    Use same procedure as previous problem.

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