How much money should he place today in a saving account, Financial Management

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How much money should he place today in a saving account

John plans to buy a vacation home in 5 years from now and wants to have saved $40,480 for a down payment. How much money should he place today in a saving account that earns 9.63 percent per year (compounded daily) to accumulate money for his down payment? Round the answer to two decimal places

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