Annual annuity-compounded annually

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Sara, who has just turned 36, would like to have an annual annuity of $21,500 paid over a 20 year period, the first payment occurring on his 66th birthday. How much must Sara save each year (end of year) for the next 29 years to have this annuity, if the investment will earn 12 percent compounded annually? (break down of formula used please) and need a clear answer.

Reference no: EM131082884

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