Wilma deposited a lump sum into a new bank account which earns 2% per annum compound interest.
Present value interest factors for an annuity of $1 for various interest rates (`r`) and numbers of periods (`N`) are given in the table.
Wilma was able to make the following withdrawals from this account.
- $1000 at the end of each year for twenty years (starting one year after the account is opened)
- $3000 each year for ten years starting 21 years after the account is opened.
Calculate the minimum lump sum Wilma must have deposited when she opened the new account. (3 marks)
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