Each of the next eight years in order to achieve this goal

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Reference no: EM131825464

Peter currently has $1,000 in his savings account. He would like to have $20,000 saved at the end of eight years for a down payment on a home. If the interest rate is 5 percent per year, what equal annual deposits must Peter make at the end of each of the next eight years in order to achieve this goal? Could you please give detailed steps and explanation?

Reference no: EM131825464

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