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Determine the amount you must deposit today in your SUPER savings account, paying 10% interest, in...

Determine the amount you must deposit today in your SUPER savings account, paying 10% interest, in order to accumlate $7,500 for a down payment 3 years from now on a new car.

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Answer #1

amount to be deposited = future value/FVF

= $7500/1.331

= $5634.86

where,

FVF(10%,3) = 1.331

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