You open a saving account that pays a nominal annual, Financial Management

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You open a saving account that pays a nominal annual

Time Value of Money

You open a saving account that pays a nominal annual interest of 12% which compounds monthly. In this account, you will make equal deposits during the 0, 2, and 4th month. Starting the 6th month, you are planning to withdraw $150 for four consecutive months. How much do you need to deposit in order to have $ 45 after the fourth withdrawal of money?

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Financial Management: You open a saving account that pays a nominal annual

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