Decided to place equal year-end deposits

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Reference no: EM13812261

You need to accumulate $72,841 for your son's education. You have decided to place equal year-end deposits in a savings account for the next 18 years. The savings account pays 8.42 percent per year, compounded annually. How much will each annual payment be?

Round the answer to two decimal places.

Reference no: EM13812261

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