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What is the sum of money that Mr Lim deposited

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Question - MrLim deposits RMX in a saving account in anticipation of withdrawing RM500 at the end of each year for the next five years to use for vacation. The account pays a yearly interest rate of 5% compounded annually. He wants the account balance to be a zero at the end of five years. What is the sum of money (RMX) that Mr Lim deposited?

Reference no: EM132919528

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