What is the amount of annual deposit

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Reference no: EM131775238

A person wishes to accumulate $13,500 over a period of 10 years so that a cash payment can be made for a new roof on a summer cabin. If $1,000 is initially deposited into a savings account (year 0), what is the amount of annual deposit (starting year 1) that is needed in order to have $13,500 at the end of 10 years? The savings account earns 6% interest per year.

Reference no: EM131775238

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