How much must be deposited today into the following account in order to have $50,000 in 7 years for a down payment on a house? Assume no additional deposits are mad An account with monthly compounding and an APR of 6% $ ◻ should be deposited today. (Do not round until the final answer. Then round to the nearest cent as needed.)

Calculate Future Value: Calculate the future value using the formula for compound interest: FV = PV(1 + r/n)^(nt). Here, FV = $50,000, r = 0.06 (annual interest rate), n = 12 (compounding monthly), t = 7 years. Calculate Power: Calculate the power (1.005)^84 using a calculator to ensure accuracy. Find Present Value: Divide the future value by the result from the previous step to find the present value.

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How much must be deposited today into the following account in order to have $\$50,000$ in $7$ years for a down payment on a house? Assume no additional deposits are made. An account with monthly compounding and an APR of $6\%$ $\newline$ $\$$ $\square$ should be deposited today. $\newline$ (Do not round until the final answer. Then round to the nearest cent as needed.)

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Q. How much must be deposited today into the following account in order to have

\$50,000

7

years for a down payment on a house? Assume no additional deposits are made. An account with monthly compounding and an APR of

6\%

\newline

\$

\square

should be deposited today.

\newline

(Do not round until the final answer. Then round to the nearest cent as needed.)

Calculate Future Value: Calculate the future value using the formula for compound interest: $FV = PV(1 + \frac{r}{n})^{(nt)}$ . Here, $FV = \$50,000$ , $r = 0.06$ (annual interest rate), $n = 12$ (compounding monthly), $t = 7$ years.
Calculate Power: Calculate the power $(1.005)^{84}$ using a calculator to ensure accuracy.
Find Present Value: Divide the future value by the result from the previous step to find the present value.