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Explain the total amount

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A balloon payment of $45,000 on your house is due in 13 years. If you can earn an average of 8 percent per year for all the years, how much will you have to place into an account today to have the total amount when due? (Do not round intermediate calculations, round answer to two decimals, i.e. 123.45)

Reference no: EM132955533

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