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What was your initial deposit amount

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Question - Eight years ago, you opened a savings account and deposited all the money you had available at the time.

For the first five years your money earned 2% compounded semi-annually.

Three years ago, you withdrew $12,000 to buy a motor cycle.

Since then (for the following three years), your account earned an effective rate of 8%.

Today, your account balance is $66,406.56.

Required - What was your initial deposit amount, eight years ago? Leave your answer in 2 decimal places.

Reference no: EM132886665

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