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19-6. Employee Justin will receive an annual pension benefit of $12,000 for five years, starting on Decem- ber 31, 2021. Assuming an interest rate of

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19-6. Employee Justin will receive an annual pension benefit of $12,000 for five years, starting on Decem- ber 31, 2021. Assuming an interest rate of 8%, how much must be in the pension fund on January 1, 2021? Explain why the answer is not $60,000

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