Jacques received the proceeds from an inheritance on March 15. He wants to set aside, in a

Question:

Jacques received the proceeds from an inheritance on March 15. He wants to set aside, in a term deposit on March 16 an amount sufficient to provide a $45,000 down payment for the purchase of a home o November 1. If the current interest rate o 181-day to 270 day deposits is 5 ¾%, what amount should he place in the term deposit?