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How much money did margaret originally deposit on january 1

Apply the time value of money in the following independent situations:

1. Margaret Carlson made a deposit in the bank on January 1, 2008. The bank pays interest at the rate of 8%compounded annually. On January 1, 2015, the deposit has accumulated to $40,000. How much money did Margaret originally deposit on January 1, 2008?

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