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How much he must deposit with the building

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Question - George Bailey wants to establish a college fund for his daughter Zuzu. George determines he needs to have $50,000 when Zuzu starts college in15 years. The Building and Loan offers George an annuity savings plan at a fixed rate of 6%. George wants to know how much he must deposit with the Building and Loan at the end of each year in order to accumulate $50,000. Can you help?

Reference no: EM132796318

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