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Lakeland Corp. calculates that in the current year its employees earned an additional annuity of $10,000 for 20 years commencing with their retirement 12 years
Lakeland Corp. calculates that in the current year its employees earned an additional annuity of $10,000 for 20 years commencing with their retirement 12 years from today. Lakeland assumes a future interest rate of 6%. If the value of the annuity is $121,581 on the date the employees retire, what amount should be contributed today to fully fund the pension plan
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