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Rocket Dynamics estimates contractor engineering design costs of $100,000 for the first month, increasing by $2,000 per month over the next four years, on a
Rocket Dynamics estimates contractor engineering design costs of $100,000 for the first month, increasing by $2,000 per month over the next four years, on a new solid propellant missile system. If payments are due at the end of each month, how much must the company deposit today into an account that pays a stated annual rate of 6%, compounded monthly, to cover these costs?
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$4,987,908
$11,890,128
$7,648,900
$6,177,856
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