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You want to save to buy a new massage chair for your parents that costs...

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Finance

You want to save to buy a new massage chair for your parents that costs $1,497 at their thirtieth anniversary in 4 years. Therefore, you plan to deposit a lump sum of money today into a bank that pays 5.18% interest compounded annually. How much do you need to deposit today so that you can accumulate enough money to buy the massage chair in 4 years? Please round your answer to the second decimal without dollar sign. (e.g. 1.23)

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