What amount must this person now commit to the membership

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Reference no: EM131532485

To join an upscale country club, an individual must first purchase a membership bond for $23,000. In addition, monthly membership dues are $270. Suppose an individual wants to put aside a lump sum of money now to pay for her basic country club membership expenses (including the $23,000 bond) over the next 25 years. She can earn an APR of 7%, compounded monthly, on her investments. What amount must this person now commit to themembership?

Reference no: EM131532485

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