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How much do you need to deposit each year

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Question - You plan to make annual deposits in an account that pays 6 percent annual interest, compounded monthly. You will make the first deposit one year from now. How much do you need to deposit each year in order to have £80,000 in 6 years' time? Assume that you will not withdraw any money from the account during the 6-year period.

Reference no: EM132980073

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