How much should you deposit now in a bank account

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Reference no: EM131959308

Problem

You are planning to make 18 monthly withdrawals beginning at the end of the sixth month. You plan to withdraw $145 in the sixth month and increase your withdrawals by $11 over the previous month's withdrawal. How much should you deposit now in a bank account that pays 12% per year compounded monthly?

Reference no: EM131959308

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