How do find the size of the payments

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Question 1: Debra wins $200000 in a lottery. She takes only $ 20000 in cash and invests the balance at the rate of interest of 10% per annum with interest compounded on a monthly basis, on the understanding that she will receive 160 equal monthly payments with the first one to be made in two years. Find the size of the payments

Reference no: EM132611095

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