John wishes to set up an account for his grandfather so that he can have...
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Accounting
John wishes to set up an account for his grandfather so that he can have some extra money each month. John wants his grandfather to be able to withdraw $200 per month for the next 3 years. How much must John invest today at 7% per year compounded monthly so that his grandfather can withdraw $200 per month for the next 3 years?
a) $6,447.29
b) $6,467.29
c) $6,497.29
d) $6,477.29
e) $6,517.29
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