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Review problem on the cruise fund

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Reference no: EM131785299

Question: Cruise fund A couple wish to set up an annuity that will provide 6 monthly payments of $3000 while they take an extended cruise. How much of a $15,000 inheritance must be set aside if they plan to leave in 5 years and want the first payment before they leave? Assume that money is worth 7.8%, compounded monthly.

Reference no: EM131785299

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