How large equal end-of-year deposit

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A retirement home at Arthur Ritus Estates today costs $85,000. Inflation is expected to cause this price to increase at 6% annually over the 20 years before Stan Dupp retires. How large an equal end-of-year deposit must Stan make each year into an account paying 10% annual interest for him to have the cash to purchase a home at retirement?

Reference no: EM132034447

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