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The City of Bloomington estimates that it will need $5,000,000 five years from now to finance the replacement of old water lines. What fixed amount
The City of Bloomington estimates that it will need $5,000,000 five years from now to finance the replacement of old water lines. What fixed amount does Bloomington need to invest annually, beginning today, to have this amount when it is needed?
Assume that any amount that Bloomington invests will earn an annual rate of return equal to 5%. Round your answer to the nearest $1.00.
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