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Suppose you are depositing an amount today in an account that earns 6% interest, compounded annually. If your goal is to have $5,000 in the account at the end of six years, how much must you deposit in the account today? A $6,000 B $3,731 C) $3,525 D $439

Suppose you are depositing an amount today in an account that earns 6% interest, compounded annually. If your goal is to have $5,000 in the account at the end of six years, how much must you deposit in the account today? A $6,000 B $3,731 C) $3,525 D $439

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Suppose you are depositing an amount today in an account that earns 6% interest, compounded annually. If your goal is to have $5,000 in the account at the end of six years, how much must you deposit in the account today? A) $6,000 B $3,731 C) $3,525 D $439
Transcribed Image Text:Suppose you are depositing an amount today in an account that earns 6% interest, compounded annually. If your goal is to have $5,000 in the account at the end of six years, how much must you deposit in the account today? A) $6,000 B $3,731 C) $3,525 D $439
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