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30 April, 21:44

How much you need to deposit today to have $1000 in 5 years at 3%.

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  1. 30 April, 21:56
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    use equation A (t) = a (1+r) ^t to solve. you want to find the starting so solve for A

    1000 = a (1+.03) ^5

    1000 = 1.1592740743a

    a = $862.61
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