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You won 2nd place in the Wintario Lottery and just received your $375,000 cheque today! You will deposit the funds into a 7.2% compounded monthly
You won 2nd place in the Wintario Lottery and just received your $375,000 cheque today! You will deposit the funds into a 7.2% compounded monthly savings account BUT start taking out a monthly payment (withdrawals) immediately. (7 marks) a. How large will those payments be if they are to last 20 years? b. How much will you have received in TOTAL from your winnings over the 20 years. c. How much total interest will you have earned over the 20 years
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