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How much will annual payments have to be in order to reach

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Problem 1: You would like to buy a car in 5 years. In order for you to do this, you figure you will need to have saved up at least $15,000 at that point. Next year you will start making annual payments into an account promising a 7% annual rate of return. How much will your annual payments have to be in order to reach your goal amount?

Reference no: EM133003728

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