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1. Avi expects to retire in 12 years. Beginning one month after his retirement he would like to receive $500 per month for 20 years.

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1. Avi expects to retire in 12 years. Beginning one month after his retirement he would like to receive $500 per month for 20 years. How much must he deposit into a fund today to be able to do so if the rate of interest on the deposit is 6% compounded monthly? (5 marts

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