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A fund pays a nominal rate of 12%. The nominal rate is compounded once in year 1, twice in year 2, 3 times in year

A fund pays a nominal rate of 12%. The nominal rate is compounded once in year 1, twice in year 2, 3 times in year 3, etc. Calculate the amount that must be invested today in order to accumulate 5,000 after 6 years.

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