You want to study at the Hogwarts School of Witchcraft and Wizardry after five years. You need 800 pieces of muggle-money to study there. You decide to deposit some pieces in the bank at an annual interest rate of 12%. How many pieces should you deposit today if you want to use the total amount to pay the fees? HINT: TOTAL AMOUNT = 800; INTEREST RATE: 12%; TIME: 5 YEARS; PRINCIPAL: ???
Answer:
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