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As part of your personal budgeting process you have determined that at the end of each of the next five years you will incur significant maintenance expenses on your home Youd like to cover these

As part of your personal budgeting process, you have determined that at the end of each of the next five years you will incur significant maintenance expenses on your home. You'd like to cover these expenses by depositing a lump sum in an account today that earns 8%. You will gradually draw down this account each year as maintenance bills come due. How much money must you deposit today to cover all of the expenses?
 

Apr 23 2020 View more View Less

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