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What is the present value of the savings plan

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Question: It is now the beginning of the year. Assume that, starting at the end of the year, you will make deposits of $422 each year into a savings account. You will make a total of 8 yearly deposits. Additionally, in 3 years your parents will give you a one-time gift worth $1629 which you will immediately deposit in your account. If the savings account interest rate is 3%, what is the present value of this savings plan?

Reference no: EM131944536

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