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You make a deposit into your bank account today. The amount is sufficient for you to make 20 quarter-end withdrawals of 5,000 starting in
You make a deposit into your bank account today. The amount is sufficient for you to make 20 quarter-end withdrawals of 5,000 starting in 3 months. How much should you deposit today if you earn an interest rate of 7.7% p.a. compounded monthly? (Correct your answer to the nearest cent without any unit (no need to put $).Do not use "," in your answer. e.g. 20233.12)
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Contemporary Business Mathematics with Canadian Applications
Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs
11th edition
134141083, 978-0134141084
