Question: Use the compound interest formula to explain your work. Suppose you start saving today for a $8000 down payment that you plan to make on

Use the compound interest formula to explain your work. Suppose you start saving today for a $8000 down payment that you plan to make on a condo in 4 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 $8000 goal in 4 years?

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