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How much money do you need to deposit into savings account

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Reference no: EM133106862

Question - Pinder Bank is offering a savings account that guarantees a 10% annual compound interest over the next 20 years. You would like to make a deposit into this bank account today so that you can withdraw $50,000 at the end of each year, for 20 years. Assume that today is the start of a new year and that you do not want to save any more than is necessary. How much money do you need to deposit into this savings account today?

Reference no: EM133106862

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