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$250,000 will be needed by the Body Corporate in 15 years time to replace the lift in an apartment block. It is expected that a fixed compound rate of 5% can be arranged. How much should the Body Corporate invest each year to ensure that sufficient funds will be available at the required time? a) $11,585.57 b) $37,078.88 c) $6,176.62 d) $15,833.33
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