Determine the amount of the equal and end-of-year deposits

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Reference no: EM131595261

To supplement your planned retirement in exactly 20 years, you estimate that you need to accumulate $100,000 by the end of 20 years from today. You plan to make equal, annual, end-of-year deposits into an account paying 7% annual interest. Determine the amount of the equal, annual, end-of-year deposits necessary to create the $100,000 fund by the end of 20 years.

Reference no: EM131595261

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