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E4 Determine the amount of money that must be invested now (time 0 ) at6%nominal interest, compounded monthly, to provide an annuity of$7,000per year for

E4

Determine the amount of money that must be invested now (time 0 ) at6%nominal interest, compounded monthly, to provide an annuity of$7,000per year for 14 years, starting eight years from now. The interest rate remains constant over this entire period of time.

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