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How much money should place today in a saving account

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Question 1: John plans to buy a vacation home in 9 years from now and wants to have saved $88,821 for a down payment. How much money should he place today in a saving account that earns 5.78 percent per year (compounded daily) to accumulate money for his down payment? Round the answer to two decimal places

Reference no: EM132532598

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