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How much must be deposit at the start of studies

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Question 1: Pete Morton is planning to go to graduate school in a program of study that will take 4 years. Pete wants to have $12400 available each year for various school and living expenses. If he earns 2 percent on his money, how much must be deposit at the start of his studies to be able to withdraw $12400 a year for 4 years?

Reference no: EM132488993

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