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How much must the team deposit each year

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The Nashville Geetars, a professional foosball team, has just signed its star player Harold "The Wrist" Thornton to a new contract. One of the terms requires the team to make a lump sum payment of $13.23 million to the The Wrist exactly 12 years from today. The team plans to make equal annual deposits into an account that will earn 4.93 percent in order to fund the payment. How much must the team deposit each year?

Reference no: EM132590153

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