In Problems 20-52: a. State the type; and (mathbf{b}). Answer the question. Mark's Grocery Store is going
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In Problems 20-52:
a. State the type; and \(\mathbf{b}\). Answer the question.
Mark's Grocery Store is going to be remodeled in 5 years, and the remodeling will cost \(\$ 3,000,000\). How much should be deposited now in order to pay for this remodeling if the account pays \(2 \%\) compounded monthly?
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