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Determine the amount of the annual deposit

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Question - Soon after your child enters school, you decide to establish an educational fund for college education. You plan to make equal annual deposits on each birthday, beginning with the 7th and ending with the 21st (there are 15 equal annual deposits).

The child will make 5 equal annual withdrawals, beginning with the 19th birthday and ending with the 23rd. If the withdrawals are $35,000 each, and the interest rate is 4%, determine the amount of the annual deposit.

Reference no: EM132712091

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