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Pete Morton is planning to go to graduate school in a program of study that will take 3 years. Pete wants to have $16600 available

Pete Morton is planning to go to graduate school in a program of study that will take 3 years. Pete wants to have $16600 available each year for various school and living expenses. If he earns 6 percent on his money, how much must be deposit at the start of his studies to be able to withdraw $16600 a year for 3 years?

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