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What amount will have to deposit into account

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Problem 1: Your goal is to have $12,500 in your bank account by the end of fifteen years. If the interest rate remains constant at 5% and you want to make annual identical deposits, what amount will you have to deposit into your account at the end of each year to reach your goal?

Option 1: $579.28

Option 2: $521.35

Option 3: $695.14

Option 4: $463.42

Reference no: EM133010773

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