Question $12(16$ points$)$

Nicki plans to withdraw $$500$ every $6$ months from an account for $8$ years and on the last payment, in addition to the $$500,$ she also will withdraw $$6,000.$ If the rate is $12\%,$ how much must be deposited to meet this cashflow? DRAW A TIMELINE, IDENTIFY THE TYPE OF TVM PROBLEM and solve.

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