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A small company wishes to set up a fund that can be used for technology purchases over the next 6 years. Their forecast is for $24,000 to be needed at the end of year 1, decreasing by $2,000 each year thereafter.

The fund earns 11% per year. How much money must be deposited to the fund at the end of year 0 to just deplete the fund after the last withdrawal? $

Round entry to the nearest dollar. The tolerance is ±4.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92823114

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