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(b) An entity intends to raise $100 million after exactly three years from now. It currently has $12 million that it intends to initially deposit
(b) An entity intends to raise $100 million after exactly three years from now. It currently has $12 million that it intends to initially deposit in an account with a local financial institution now. The fund pays 52% interest rate per annum compounded weekly. Calculate the instalment that the entity has to deposit at the beginning of every week in order to raise the required amount. [9 marks]
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