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# How much must be deposited today into the following account in order to have $70,000 in 8 years for a down payment on a house?

How much must be deposited today into the following account in order to have $70,000 in 8 years for a down payment on a house? Assume no additional deposits are made. An account with monthly compounding and an APR of 5% $ _____ should be deposited today.

(Do not round until the final answer.

Then round to the nearest cent as needed.)