You are $19$ years old today. You want to have $$381,507\mathrm{.}06$ in an investment account when you are $60$ years old. You will start with an initial deposit in one year from now and grow it by $3\%$ per year for a total of $15$ investments. How much is the amount of that initial deposit? Assume an interest rate $($a$.$k$.$a$.$ return on your investment of $6\%.$  Use the $ sign and a comma and round to the nearest thousand.

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To determine the amount of the initial deposit we need to calculate the pr... View the full answer