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How much money do you need to deposit in a bank today if you are planning to have $5000 in four years by the time you get out of college? The bank offers a 6.75% interest rate that compounds monthly.

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)

5th Edition

ISBN:9781305084766

Author:Saeed Moaveni

Publisher:Saeed Moaveni

Chapter20: Engineering Economics

Section: Chapter Questions

Problem 3P

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