### How much money must you put in a savings account today

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##### Reference no: EM13890174

If you want to have \$875 in 32 months, how much money must you put in a savings account today? Assume that the savings account pays 16% and it is compounded monthly (round to the nearest \$10).

A. 630

B. \$570

C. \$650

D. \$660

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