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What lump sum of money must be deposited into a bank account at the present time so that $500 per month can be withdrawn for
What lump sum of money must be deposited into a bank account at the present time so that $500 per month can be withdrawn for six years, with the first withdrawal scheduled for seven years from today? The interest rate is 3/4% per month. (Hint: Monthly withdrawals begin at the end of the month 84.) Click the icon to view the interest and annuity table for discrete compounding when i = 3/4% per month. The lump sum of money should be $. (Round to the nearest dollar.) What lump sum of money must be deposited into a bank account at the present time so that $500 per month can be withdrawn for six years, with the first withdrawal scheduled for seven years from today? The interest rate is 3/4% per month. (Hint: Monthly withdrawals begin at the end of the month 84.) Click the icon to view the interest and annuity table for discrete compounding when i = 3/4% per month. The lump sum of money should be $. (Round to the nearest dollar.)
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