Jacques received the proceeds from an inheritance on March 15. He wants to set aside, in a term deposit on March 16, an amount sufficient to provide a $45,000 down payment for the purchase of a home on November 1. If the current interest rate on 181-day to 270-day deposits is 3.75%, what amount should he place in the term deposi? (Use 365 days a year. Round your answer to 2 decimal places.) Amount to be deposited
Jacques received the proceeds from an inheritance on March 15. He wants to set aside, in a term deposit on March 16, an amount sufficient to provide a $45,000 down payment for the purchase of a home on November 1. If the current interest rate on 181-day to 270-day deposits is 3.75%, what amount should he place in the term deposi? (Use 365 days a year. Round your answer to 2 decimal places.) Amount to be deposited
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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Transcribed Image Text:Jacques received the proceeds from an inheritance on March 15. He wants to set aside, in a term deposit
on March 16, an amount sufficient to provide a $45,000 down payment for the purchase of a home on
November 1. If the current interest rate on 181-day to 270-day deposits is 3.75%, what amount should he
place in the term deposit? (Use 365 days a year. Round your answer to 2 decimal places.)
Amount to be deposited
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