Deposit into this account to have enough to purchase bond

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Reference no: EM131602627

DRI Enterprises needs to have a lump-sum deposit of $200,000 for the purchase of a surety bond in 6 months. They wish to immediately deposit a sum of cash into a short-term account paying 4% per year, compounded on a monthly basis. How much will they need to deposit into this account to have enough to purchase the bond?

Reference no: EM131602627

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