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Determine the required annual deposit

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Question - Johnstone needs to accumulate sufficient funds to pay a $480,000 debt that comes due on December 31, 2026. The company will accumulate the funds by making five equal annual deposits to an account paying 5% interest compounded annually. Determine the required annual deposit if the first deposit is made on December 31, 2021. (Round your final answers to nearest whole dollar amount.)

Reference no: EM132479070

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