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You decide to deposit a single sum in the bank that will provide 6 equal annual year-end payments of $60,000 to a retired employee (payments

You decide to deposit a single sum in the bank that will provide 6 equal annual year-end payments of $60,000 to a retired employee (payments starting December 31 of this year).

Assuming a 2% annual interest rate, what single sum must be deposited in the bank on January 1 of this year to achieve the desired annual year-end payments?

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