How much must be deposited today into the following account in order to have $65,000 in 8 years for a down payment on a house? Assume no additional deposits are made. An account with quarterly compounding and an APR of 7.6% $ \boxed{} should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)
Added by Guillermo R.
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The annual interest rate is 7.6%. To convert it to a quarterly interest rate, divide it by 4 (since there are 4 quarters in a year). Quarterly interest rate = 7.6% / 4 = 1.9% Show more…
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