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Accumulating a growing future sum

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Accumulating a growing future sum

Personal Finance Problem

A retirement home at Deer Trail Estates now costs $137,000. Inflation is expected to cause this price to increase at 5?% per year over the 23 years before C. L. Donovan retires. If Donovan earns 9?% on his? investments, ow large must an? equal, end-of-year deposit must be to provide the cash needed to buy the home 23 years from? now?

The? equal, annual? end-of-year deposit to be made each year into the account is ?$_____. ?(Round to the nearest? cent.)

Reference no: EM132651167

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