How much must be deposited today into the following account in order to have $75,000 in 5 years for a down payment on a house? Assume no additional deposits are made. An account with monthly compounding and an APR of 5% should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
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Chapter2: Second-order Linear Odes
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How much must be deposited today into the following account in order to have $75,000 in 5 years for a down
payment on a house? Assume no additional deposits are made.
An account with monthly compounding and an APR of 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 $75,000 in 5 years for a down payment on a house? Assume no additional deposits are made. An account with monthly compounding and an APR of 5% should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)
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