Suppose there exists a bank that offers an apr of 54, Financial Management

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Suppose there exists a bank that offers an apr of 54

Suppose there exists a bank that offers an APR of 5.4% indefinitely on current deposits.

a) If you wanted to setup an account that would pay monthly instalments of $3000 indefinitely, how much should your initial deposit be?

b) Assuming a constant rate of inflation of 3.3%, what should your initial investment be in order to maintain a monthly payment equivalent to the present value of $3000?

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