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Rita promises to give her 12–year–old daughter $12,000 when she turns 18. How much does she need to put in the bank now if the interest rate is 12 percent per year?
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Rita promises to give her 12–year–old daughter $12,000 when she turns 18. How much does she need to put in the bank now if the interest rate is 12 percent per year?

User Marysabel
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3 votes
She would need to put in $6080.
User Miodrag
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