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Marking the first payment

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You wish to accumulate $1 million 15 years from now. You will make 15 bank deposits in your bank with today marking the first payment. Your bank pays 4.5% interest compounded annually. You anticipate inflation to be 2.5% and will increase your annual deposit to the bank each year by thatsame 2.5% each year. How much must your first deposit be to meet your goal?

Reference no: EM133112664

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