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Mr. Heldon Cooper loves comic books. He has recently received a large sum of money and wants to ensure that he always has some money
Mr. Heldon Cooper loves comic books. He has recently received a large sum of money and wants to ensure that he always has some money to spend on comic books for his entire life. He has estimated that he will need 600 next year for this. However as the price of comic books keeps on increasing, this required amount should also grow by 3% every year. If the current interest rate is 6%, how much money does he need to invest to ensure that he can spend the desired amount for ever? 12,560.506,666.6720,00010,000
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