Question: Marie needs $ 2 6 , 0 0 0 as a down payment for a house 4 years from now. She earns 5 . 0

Marie needs $

26, 000

as a down payment for a house

4

years from now. She earns

5.00 %

compounded annually on her savings. Marie can either deposit one lump sum today for this purpose or she can wait a year and deposit a lump sum. How much additional money must Marie deposit if she waits for one year rather than making the deposit today?

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