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Problem:

What lump sum of money must be deposited into a bank account at the present time so that $500 per month can be withdrawn for six years, with the first withdrawal scheduled for seven years from today? The interest rate is 0.5% per month. (Hint: Monthly withdrawals begin at the end of the month 84.)

Note: Explain in detail.

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Category:- Basic Finance
Reference No.:- M91147662

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