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What minimum initial amount of money

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Problem 1: Macy's plan is to return to school for a three-year degree program studying and baking care. In order for Macy to focus on her studies, she wants to save enough money. What minimum initial amount of money, invested to earn 8% compounded semi-annually, will support a monthly payout of $2500 for 4 ½ years, if the first payment occurs 4 years and 10 months from now?

Reference no: EM132817481

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