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18 November, 08:05

How much must be deposited in a bank account earning 12% compounded annually to have $4,614 after 18 years?

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  1. 18 November, 10:00
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    A = P * (1 + r) ^t

    4614 = P*1.12^18

    4614/7.689966 = 600.00

    $600 must be deposited to have $4614 after 18 years.
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