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Question: your father intends to open a variable rate deposit account...

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Your father intends to open a variable rate deposit account for you that you can withdraw $60,000 in the next 9 years to fulfill your study fee. The variable rate in 9 years is given in the table below:

  1 2 3 4 5 6 7 8 9
Variable rate 3% 4% 7% 5% 6% 10% 9% 8% 6%

How much should your father deposit today?

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