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An investment in a lease offers returns of $1200 per month due at the beginning of each month for five years. What investment is justified

An investment in a lease offers returns of $1200 per month due at the beginning of each month for five years. What investment is justified if the returns are deferred for one years and the interest required is 3% compounded semi annually?
An investment of $ is justified.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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