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Determine how much does need to place in a saving account

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Question 1: Camila plans to go for vacation to Australia in 12 years from now. She estimates that she will need $16,355 for the trip. How much does she need to place in a saving account today that earns 5.51 percent per year (compounded quarterly) to accumulate this amount? Round the answer to two decimal places.

Reference no: EM132534690

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