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How much must be deposited today into the following account in order to have a $115,000 college fund in 12 years? Assume no additional deposits are made. An account with annual compounding and an APR of 4.5% $ 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 a $115,000 college fund in 12 years? Assume no additional deposits are made. An account with annual compounding and an APR of 4.5% $ should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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How much must be deposited today into the following account in order to have a $115,000 college fund in 12 years? Assume no additional deposits are made. An account with annual compounding and an APR of 4.5% $ should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)
Transcribed Image Text:How much must be deposited today into the following account in order to have a $115,000 college fund in 12 years? Assume no additional deposits are made. An account with annual compounding and an APR of 4.5% $ should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)
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