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. FlimCo has $ 4 0 0 , 0 0 0 today. It began an investment program exactly 4 years ago with a first payment

.

FlimCo has $

400, 000

today. It began an investment program exactly

4

years ago with a first payment contribution of $

120, 000

and payments every month. If the interest rate was

6 %

nominal annual compounded monthly, how much were the payments?

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