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Attempts 0 Keep the Highest 0 2 1 0 . Problem 5 . 3 1 ( Required Lump Sum Payment ) eBook in a bank

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Keep the Highest 02
10. Problem 5.31(Required Lump Sum Payment)
eBook in a bank paying 8% annual interest, which will provide the needed $15,000 payments.
a. How large must the deposit be? Do not round intermediate calculations. Round your answer to the nearest cent.
$
b. How much will be in the account immediately after you make the first withdrawal? Do not round intermediate calculations. Round your answer to the nearest cent.
$
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