What is the amount of the annual deposit

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From an account that pays 8% interest compounded annually, you wish to withdraw $20,000 in year 21 and an amount that increases by 2% per year for each year through year 30. You want to fund this account by making equal annual deposits from now (in year 1) every year through year 20. What is the amount of the annual deposit you must make? Present your answer to the nearest dollar.

Reference no: EM133133977

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