How do you solve this algebraically

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If your father has the desire to retire in 17 years, how much money will he need to invest each year to meet his goal of having $700,000 at retirement if he is able to receive a 9.0% annual interest rate? Assume the first annual deposit is made in one year. ($18,932/yr)

The answer is in parenthesis.

How do you solve this algebraically?

Reference no: EM131814884

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