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3) An employee is planning to retire in 30 years. He wishes to deposit a regular amount every 6 months until retirement so that beginning

3) An employee is planning to retire in 30 years. He wishes to deposit a regular amount every 6 months until retirement so that beginning one year following retirement he will receive annual payments of $60,000 for the next 20 years. How much must be deposited if the interest rate is 16% compounded quarterly? please include the cash flow diagrams

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