Lucy won a large sum in the lottery. She invested part of her winnings into a fund

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Lucy won a large sum in the lottery. She invested part of her winnings into a fund earning 6% compounded monthly. She has arranged a systematic withdrawal plan that provides for 120 monthly payments increasing at a constant rate of 0.5% per payment. The first payment of $400 is due one month after she set up the fund. How much interest is included in the payments?
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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