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

Reference no: EM13890174

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