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4. Rodel decided to sell their farm and to deposit the fund in a bank. After computing the interest, they learned that they may withdraw 480,000.00 yearly for 8 years starting at the end of 6 years when it is time for him to retire. How much is the fund deposited if the interest rate is 5% converted annually? Pasagot​

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Llanamaybertusoid

Answer:

An amount of 25,000 dollar is deposited in a bank that pays interest at the rate of 4%/year, compounded annually. 

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