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how much must be desosited today into the following accountsin order tohave 65000 in 7 years for a down payment on a house an account with annual compounding and anapr of 4 %​

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altavistard

Answer:

$49,394.66

Step-by-step explanation:

Use the compound amount formula:

A = P(1 + r)^t

Here A = $65,000; t = 7 years; and r = 0.04.

We want P, given A, r and t.

     

        $65,000

P = -------------------  =  $49,394.66

        (1 + 0.04)^7

$49,394.66 will increase to $65,000 in 7 years with an interest rate of 4% compounded annually.

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