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Find how much money should place today in saving account

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Question 1: John plans to buy a vacation home in 13 years from now and wants to have saved $36,194 for a down payment. How much money should he place today in a saving account that earns 5.57 percent per year (compounded daily) to accumulate money for his down payment? Round the answer to two decimal places.

Reference no: EM132534682

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