How large must your annual deposit be

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To help you reach a $5,000 goal five years from now, your father offers to give you $500 now. You plan to get a part-time job and make five additional deposits, one at the end of each year. (The first deposit is made at the end of the first year). If all your money is deposited in a bank that pays 7% interest, how large must your annual deposit be?

Reference no: EM13859430

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