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How much money should be deposited today in an account that earns 8% compounded monthly so that it will accumulate to 13,000 thousand and three years? PLEASE HELP
A suitable financial calculator or spreadsheet can evaluate the future value function for you. It will tell you that $10,234.31 must be deposited today to have $13,000 in three years, when interest is 8% compounded monthly.
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