How much would you need to deposit in an account now in order to have \$3000 in the account in 5 years? Assume the account earns 3\% interest compounded quarterly. Round your answer to the nearest cent. \$
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- Principal amount (initial deposit): unknown - Future value (amount in the account after 5 years): $3000 - Interest rate: 3% per year - Compounding frequency: quarterly Show more…
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