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How much must they deposit today

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BJ's goal is to have $50,000 saved at the end of Year 5. At the end of Year 2, they can add $7,500 to their savings but they want to deposit the remainder they need to reach their goal today, Year 0, as a lump sum deposit. If they can earn 4.5 percent, how much must they deposit today?

Reference no: EM131647381

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