The Pocatello Pokeys have just hired a new team manager. The contract requires $24,400,000 be...
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The Pocatello Pokeys have just hired a new team manager. The contract requires $24,400,000 be paid to the manager after she completes 9 years of service. The team wants to set aside an equal amount of money each year to cover this payment. If the team earns 8 percent on their investments, how much must the team set aside each year? Assume they set aside the first payment at the end of the year
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