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Your company has a $60,000 liability it must pay 4 years from today. The company is opening a savings account so that the entire amount

Your company has a $60,000 liability it must pay 4 years from today. The company is opening a savings account so that the entire amount will be available when this debt needs to be paid. The plan is to make an initial deposit today and then deposit an additional $6,500 a year for the next 4 years, starting one year from today. The savings account pays a return of 4.75% compounded monthly.

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