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How much will you have to save each year

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You need to have $100,000 at the end of 20 years. To accumulate this sum, you have decided to save a certain amount at the beginning of each of the next 20 years and deposit it in the bank. The bank pays 5% interest compounded annually for long-term deposits. How much will you have to save each year?

Reference no: EM133122863

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