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What lump sum must they set aside

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Problem 1: A company wants to set aside a lump sum of money in order to begin an employee reward system starting in 7 years. An employee of the month will be chosen and will receive $825 for their hard work. If they want to run the reward system for 8 years, one for each month, what lump sum must they set aside if interest rate is j12=6%

Reference no: EM132807638

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