Lucy inherited a large sum of money from her aunt. She invested part of her...
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Accounting
Lucy inherited a large sum of money from her aunt. She invested part of her inheritance into a fund earning 6% compounded monthly. She has arranged a systematic withdrawal plan that provides for 120 monthly payments increasing at a constant rate of 0.5% per payment. The first payment of $400 is due one month after she set up the fund. How much interest is included in the payments?
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