SOLUTION: How much would you need to deposit in an account now in order to have $5000 in the account in 5 years? Assume the account earns 3% simple interest. Round your answer to the nearest

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Question 1195416: How much would you need to deposit in an account now in order to have $5000 in the account in 5 years? Assume the account earns 3% simple interest. Round your answer to the nearest cent.
Answer by josgarithmetic(39613) About Me  (Show Source):
You can put this solution on YOUR website!
D%2BD%2A5%2A0.03=5000
D%281%2B5%2A0.03%29=5000
D=5000%2F1.15
highlight%28D=4348%29

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Does that work?
4348+0.03*4348=4478.44
4478.44+0.03*4348=4608.88
4608.88+0.03*4348=4739.32
4739.32+0.03*4348=4869.76
4869.76+0.03*4348=5000.2, close enough