How much more or less did josh need to deposit

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Question: Josh deposited $47,000.00 into a retirement savings account 6 years ago at a fixed rate of 6.25%. Today, Josh could earn a fixed rate of 5.50% on a similar type of account. However, Josh's rate is fixed and cannot be adjusted. How much more or less did Josh need to deposit 6 years ago if he could have earned a fixed rate of 5.50% and still have the same amount as he currently will when he retires 30 years from today?

Reference no: EM133715891

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