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Part $1$

Find the equivalent present worth of the cash receipts where

iequals$=99\%.$

In other$$ words, how much do you have to deposit now$($with the second deposit in the amount of

$$$$240240$

at the end of the first$$ year$)$ so that you will be able to withdraw

$$$$240240$

at the end of second$$ year,

$$$$9090$

at the end of third$$ year, and so forth if the bank pays you

aa

$99\%$

annual interest on your$$ balance?