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An amount, P, must be invested now to allow withdrawals of $1,200 per year for the next 14 years and to permit $250 to be

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An amount, P, must be invested now to allow withdrawals of $1,200 per year for the next 14 years and to permit $250 to be withdrawn starting at the end of year 6 and continuing over the remainder of the 14-year period as the $250 increases by 5% per year thereafter. That is, the additional withdrawal (above the $1,200) at EOY seven will be $263, $276.15 at EOY eight. and so forth for the remaining Years. The interest rate is 12% per year. The P amount is $

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