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Abby's cat, Si, has convinced her to set up an account that will assure him of his Meow Mix for the next four years. Abby
Abby's cat, Si, has convinced her to set up an account that will assure him of his Meow Mix for the next four years. Abby will deposit an amount today that will allow Felix to make end-of-month withdrawals of $10 for the next 48 months. Assume an interest rate of 6% and that the account will have a zero balance when the last withdrawal is made. What is the amount that Abby should deposit? What is the account balance immediately after the 24thwithdrawal is made?
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