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How large do the annual payments need to be

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Problem 1: You are planning to renew your car in eight years from now. The new car is expected to cost $50,000 and you believe that your old car would sell for $10,000 at that time. If you are going to make equal annual end-of-year payments to an investment account that pays 7% annual interest, how large do these annual payments need to be, to pay for the $40,000 you would require?

Reference no: EM132937275

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