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John wants to make a deposit on 1/1/2016 to be able to withdraw $1,000 at the beginning of each year starting 1/1/2020 for four years.
John wants to make a deposit on 1/1/2016 to be able to withdraw $1,000 at the beginning of each year starting 1/1/2020 for four years. The interest rate is 6 percent. Required: What is the amount of the deposit that John needs to make on 1/1/2016?
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