Assume that today is your 25 th birthday and you intend to have $40787 in your ...
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Assume that today is your 25thbirthday and you intend to have $40787 in your bank account when you turn 41 years old. Your bank gives you the opportunity of earning an effective interest rate of 2,49% per year on its deposits.
How much do you need to deposit on your 25thbirthday to achieve your goal?
Note: consider that the only deposit made is on your 25th birthday.
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