Question: John requires $3000 in 6 months to pay off a loan that has no prepayment privileges. If he has the $3000 now, how much of

John requires $3000 in 6 months to pay off a loan that has no prepayment privileges. If he has the $3000 now, how much of it should he save in an account paying 3% compounded monthly so that in 6 months he will have exactly $3000?

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