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Jasmine's son is 12 years old now. When her son turns 17, Jasmine plans to start providing him with $500 pocket money at the end

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Jasmine's son is 12 years old now. When her son turns 17, Jasmine plans to start providing him with $500 pocket money at the end of every month for 5 years. If Jasmine's bank account earns 12% nominal interest per annum, compounded monthly, how much lump sum does she need to deposit into her bank account today to provide the payments of the pocket money for her son

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