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On his 32nd birthday, Jo invests $70 000 to fund a scholarship at the University of Victoria. The money is invested at j 1 =

On his 32nd birthday, Jo invests $70 000 to fund a scholarship at the University of Victoria. The money is invested at j1 = 8%. The first payment will be on Jo's 50th birthday.

The first 20 annual payments will be $R, after which annual payments will be $2R. How much is the first payment?

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