Question: Suppose you start saving today for a $40,000 down payment that you plan to make on a house in 12 years. Assume that you make

Suppose you start saving today for a $40,000 down payment that you plan to make on a house in 12 years. Assume that you make no deposits into the account after your initial deposit. The account has quarterly compounding and an APR of 6%. How much would you need to deposit now to reach your $40,000 goal in 12 years?Round to the nearest cent. Use the formula.

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