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Arnie agrees to contribute $2,200 to the road fund at the end of each year for the next 14 years. Jack wants to match Arnie's
Arnie agrees to contribute $2,200 to the road fund at the end of each year for the next 14 years. Jack wants to match Arnie's contribution, but he wants to make a lump-sum contribution today. If the current interest rate is 1.5% compounded annually, how much should Jack deposit to equal Arnie's annual deposits? (Round your answer to the nearest cent.) $
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