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business is offered the opportunity to invest a series of monthly payments into a merchant bank, w the first such payment to take place in
business is offered the opportunity to invest a series of monthly payments into a merchant bank, w the first such payment to take place in exactly months time and the last in exactly years time.The merchant bank takes a fixed percentage of each payment to cover its expenses, and promises to p the business a lump sum of R in years time.If the interest rate earned on all the payments is per annum convertible monthly. find the fixed percentage of each payment taken by the bank for its expenses.
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