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How much must you deposit each year to reach your goal

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Question - To pay for your child's education, you wish to have accumulated $16,000 at the end of 10 years. To do this, you plan on depositing an equal amount into the bank at the end of each year. If the bank is willing to pay 9 percent compounded annually, how much must you deposit each year to reach your goal?

Reference no: EM132962771

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