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Desroches Inc. wants to set up an employee reward program that would pay each of five employees $1,000 a year for twenty years. The first
Desroches Inc. wants to set up an employee reward program that would pay each of five employees $1,000 a year for twenty years. The first payment is scheduled to be made one year from today. Desroches Inc. expects to earn 2.85% on the money it sets aside to fund this reward program. How much does the company have to deposit today in order to fully fund this reward program?
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