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John and Denise are partners at a law firm. They have decided to set aside a fund for their loyal secretary who will retire in
John and Denise are partners at a law firm. They have decided to set aside a fund for their loyal secretary who will retire in years. John wants to make a $ monthly deposit into an account while denise wants to make a lumpsum deposit today. How much will be in the account in years if the interest rate is compounded monthly and how much should Denise deposit in order to equal John's contribution?
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