What amount must this person now commit to the, Financial Management

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What amount must this person now commit to the

To join an upscale country club, an individual must first purchase a membership bond for $23,000. In addition, monthly membership dues are $270. Suppose an individual wants to put aside a lump sum of money now to pay for her basic country club membership expenses (including the $23,000 bond) over the next 25 years. She can earn an APR of 7%, compounded monthly, on her investments. What amount must this person now commit to themembership?

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Financial Management: What amount must this person now commit to the

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