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Edward has an investment worth $66,632.80. The investment will make a special payment of X to Edward in 5 months from today and the investment
Edward has an investment worth $66,632.80. The investment will make a special payment of X to Edward in 5 months from today and the investment also will make regular, fixed monthly payments of $1,020.00 to Edward forever. The expected return for the investment is 1.99 percent per month and the first regular, fixed monthly payment of $1,020.00 will be made to Edward in one month from today. What is X, the amount of the special payment that will be made to Edward in 5 months?
An amount less than $14,100.00 or an anmount greater than $63,800.00An amount equal to or greater than $14,100.00 but less than $15,600.00An amount equal to or greater than $15,600.00 but less than $36,800.00An amount equal to or greater than $36,800.00 but less than $59,000.00An amount equal to or greater than $59,000.00 but less than $63,800.00Step by Step Solution
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