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Problem 4-57: What lump sum of money must be deposited into a bank account at the present time so that $500 per month can be

image text in transcribed Problem 4-57: What lump sum of money must be deposited into a bank account at the present time so that $500 per month can be withdrawn for five years, with the first withdrawal scheduled for six years from today? The interest rate is 3/4% per month. (Hint: Monthly withdrawals begin at the end of the month 72.) Solution

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