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John wishes to set up an account for his grandfather so that he can have...

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Finance

John wishes to set up an account for his grandfather so that he can have some extra money each month. John wants his grandfather to be able to withdraw $120 per month for the next 4 years. How much must John invest today at 4% per year compounded monthly so that his grandfather can withdraw $120 per month for the next 4 years?

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