John plans to buy a vacation home in 7 years from now and, Financial Management

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John plans to buy a vacation home in 7 years from now and

John plans to buy a vacation home in 7 years from now and wants to have saved $39,772 for a down payment. How much money should he place today in a saving account that earns 8.75 percent per year (compounded daily) to accumulate money for his down payment? Round the answer to two decimal places

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