An engineering consultant wants to withdraw $32,000 per year for each of the next 12 years to purchase hardware and software upgrades. How much money must the consultant deposit initially in an account that earns 6% interest, compounded annually?

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Chapter6: Saving And Investing
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An engineering consultant wants to withdraw $32,000 per year for each of the next 12 years to purchase hardware and software upgrades. How much money must the consultant deposit initially in an account that earns 6% interest, compounded annually?

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