Your friend is planning to invest $5,000 at the end of every quarter in an investment fund over a ten-year period. The fund is expected to earn an interest rate of 8% p.a. The first contribution will be made at the end of the first quarter. If the interest rate earned is compounded on a monthly basis, calculate the present value of her investment plan.

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We can use the formula for the present value of an ordinary ann... View the full answer