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James wants to withdraw $ 3 0 , 0 0 0 each year for 1 0 years from a fund that earns 4 % interest.

James wants to withdraw $30,000 each year for 10 years from a fund that earns 4% interest.
How much must he invest today if the first withdrawal is at year-end? How much must he invest today if the first withdrawal takes place immediately?

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