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    Depositing to a Saving Account

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    You want to have $25,000 saved 6 years from now to buy a house. How much less do you have to deposit today to reach this goal if you can earn 5.5 percent rather than 5 percent on your savings? Today's deposit is the only deposit you will make to this savings account.

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    Solution Preview

    You want to have $25,000 saved 6 years from now to buy a house. How much less do you have to deposit today to reach this goal if you can earn 5.5 percent ...

    Solution Summary

    Solution helps in estimiating the deposit today to reach this goal if you can earn 5.5 percent rather than 5 percent on your savings

    $2.19

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