How much additional money must he deposit

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Eddie needs $50,000 as a down payment for a house 6 years from now. He earns 3% per year on his savings. He can either deposit one lump sum today for this purpose or he can wait a year and deposit a lump sum. How much additional money must he deposit if he waits for one year rather than making the deposit today?

Reference no: EM13275996

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