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How much was initially deposited

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Question: Paul Jefferson made a deposit into his savings account three years ago, and earned interest at an annual rate of eight percent. The deposit accumulated to $30,000. How much was initially deposited assuming that the interest was compounded (a) annually, (b) semiannually, and (c) quarterly?

Use Excel or a financial calculator for computation. Round answers to the nearest dollar.

Reference no: EM132780046

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