Question 1139387
.
<pre>

60000 = {{{X*(1+0.08/12)^(12*10)}}} = {{{X*(1+0.008/12)^120}}},


where X is the unknown lump sum.


From the equation,


    X = {{{60000/((1+0.08/12)^120)}}} = $27031.41.     <U>ANSWER</U>
</pre>