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  3. a 48 million charity pays 20000 at the beginning of...

Question: a 48 million charity pays 20000 at the beginning of...

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A $4.8 million charity pays $20,000 at the beginning of each month for 20 years. How much money must the state actually have in hand to set up the payments for this donation if money is worth 6.9%, compounded monthly?

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