(Answered) How much must July Avenue Inc have in its account today

Finance

Problem: July Avenue, Inc. wants to have $5,000,000 in an account exactly 10 years from today. They will make equal monthly payments of $10,000 beginning next quarter and ending in 10 years. The account earns 8.00% p.a., compounded monthly.

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Question: How much must July Avenue, Inc. have in its account today? Be sure to support your response with specifics.

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