Mr. and Mrs. Dafoe are doing some estimates of the amount of funds they will need in
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Mr. and Mrs. Dafoe are doing some estimates of the amount of funds they will need in their RRSP to purchase an annuity paying $5000 at the end of each month. For each combination of term and monthly compounded interest rate in the following table, calculate the initial amount required to purchase the annuity.
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