What lump sum of money must be deposited into a bank account at the present time so that ​$6,600 per year can be withdrawn for 7 ​years, with the first withdrawal to start four years from​ today? The interest rate is ​5% per year.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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What lump sum of money must be deposited into a bank account at the present time so that ​$6,600 per year can be withdrawn for 7  ​years, with the first withdrawal to start four  years from​ today? The interest rate is ​5% per year.
 
The lump sum of money should be $    (Round to the nearest dollar.)
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