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(Present value of complex cash flows)How much do you have to deposit today so that beginning 11 years from now you can withdraw $6,000 a

(Present value of complex cash flows)How much do you have to deposit today so that beginning 11 years from now you can withdraw

$6,000

a year for the next

years (periods 11 through

18)

plus an additional amount of

$12,000

in the last year (period

18)?

Assume an interest rate of

percent.

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