What lump sum of money must be deposited into a bank account at the present time so

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What lump sum of money must be deposited into a bank account at the present time so that $500 per month can be withdrawn for five years, with the first withdrawal scheduled for six years from today? The interest rate is 3/4% per month.

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Engineering Economy

ISBN: 978-0132554909

15th edition

Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

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Question Posted: May 17, 2016 05:50 AM

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What lump sum of money must be deposited into a bank account at the present time so

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Engineering Economy

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