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George has been accumulating a retirement fund at j1=9% which will provide him with an income $12,000 per year for 20 years, the first payment
George has been accumulating a retirement fund at j1=9% which will provide him with an income $12,000 per year for 20 years, the first payment on his 65th birthday. If he now wishes to reduce the number of retirement payments to 15, what should he receive yearly? Please show all steps. Thanks
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International financial management
Authors: Jeff Madura
12th edition
1133947832, 978-1305195011, 978-1133947837
