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2. A manufacturing company wants to pay a holiday bonus to each of its 85 employees. How much must be invested monthly for a year

2. A manufacturing company wants to pay a holiday bonus to each of its 85 employees. How much must be invested monthly for a year at a nominal interest rate of 12 % compounded monthly in order for each employee to get a 5000 bonus? Follow the format in answering. Given: Required: Formula: Cash flow diagram/ cash flow sketch: Solution

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