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How much must be deposited at the start of his studies

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Question - Morton is planning to go to graduate school in a program of study that will take 3 years. Pete wants to have $16600 available each year for various. If he earns 5% on his money, how much must be deposited at the start of his studies to able to withdraw $16600 a year for 3 years?

Reference no: EM132471876

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