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To withdraw the following R1000 payment series in the figure, determine the minimum deposit (P) you should make now if your deposits earn an interest
To withdraw the following R1000 payment series in the figure, determine the minimum deposit (P) you should make now if your deposits earn an interest rate of 10 % compounded annually. Note that you are making another deposit at the end of year 7 in the amount of R 500. With the minimum deposit P. your balance at the end of year 10 should be 0. R1000 1 2 3 5 6 7 8 9 10 R500 R4912 R4465 R5374 R5912
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
10th edition
978-1337902571, 1337902578, 978-1337911054, 1337911054, 978-0324272055
