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# Hi tutors, I need help figuring out how to answer the below question. Is there a formula that goes with it?

Hi tutors,

I need help figuring out how to answer the below question. Is there a formula that goes with it?

In order to have $488,109 in 16 years, how much money should be put in a savings account today? Assuming that the savings account pays 5.9 percent and it is compounded annually.