Required LumpSum Payment
To complete your last year in business school and then go through law school, you will need $30,000 per year for 4 years, starting next year (that is, you will need to withdraw the first $30,000 one year from today). Your uncle offers to put you through school, and he will deposit in a bank paying 3.51% interest a sum of money that is sufficient to provide the 4 payments of $30,000 each. His deposit will be made today.

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