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On the date of his granddaughter's birth, Mr. Parry deposited $5000 in a trust fund earning 6.2% ...

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On the date of his granddaughter's birth, Mr. Parry deposited $5000 in a trust fund earning 6.2% ...

On the date of his granddaughter's birth, Mr. Parry deposited $5000 in a trust fund earning 6.2% compounded annually. After the granddaughter's 19^th birthday, the trust account is to make end-of-month payments to her for four years to assist her with the costs of post-secondary education. If the trust account earns 4.8% compounded monthly during these four years, what will be the size of the monthly payments?

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Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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