The president of a growing engineering firm wishes to give each of 20 employees a holiday bonus.
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The president of a growing engineering firm wishes to give each of 20 employees a holiday bonus. How much must be deposited each month for a year at a 12 percent nominal rate, compounded monthly, so that each employee will receive a $2,500 bonus?
a. $2,070
b. $3,840
c. $3,940
d. $4,170
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Related Book For 
Principles Of Engineering Economic Analysis
ISBN: 9781118163832
6th Edition
Authors: John A. White, Kenneth E. Case, David B. Pratt
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