Frasier is 33 years old and just received an inheritance from his parents' estate. He wants to invest an amount of money today such that he can receive $5,000 at the end of every month for 15 years when he retires at age 65. If he can earn 9% compounded annually until age 65 and then 5% compounded annually when the fund is paying out, how much money must he invest today? show solution

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