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The president of a growing engineering firm wishes to give each of 20 employees a holiday bonus. How much needs to be deposited each month
The president of a growing engineering firm wishes to give each of 20 employees a holiday bonus. How much needs to be deposited each month for a year at a 12% nominal rate, compounded monthly, so that each employee will receive a $2,675 bonus? $2,215$4,462$4,109$4,220
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