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Debra wins $200,000 in a lottery. She takes only $20,000 in cash and invests the...

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Accounting

Debra wins $200,000 in a lottery. She takes only $20,000 in cash and invests the balance at a rate of interest of 10% pa, with intererst compounded on a monthly basis, on the understanding that she will receive 160 equal monthly payments with the first one to be made in 2 years. Find the size of the payments. (5 marks)

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