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Lada Lada
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6 years ago
Sam received a lump sum of $135 000 as an inheritance from his great grandmother. He plans to invest them for 20 years in a long-term investment fund with an expected rate of return of 9% compounded monthly. After 20 years, what payment can he withdraw at the beginning of each month for 10 years?
A) $10 200
B) $7245
C) $2955
D) $4161
E) $66 985
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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