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What is the required amount of each deposit

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Question - MG Corp. wants to accumulate $250,000 by August 1, 2025 by making ten equal annual deposits beginning August 1, 2015 to a fund paying 11% interest compounded annually. Future value factors are as follows:

Future value of 1 at 11% for for 11 periods 3.15176

Future value of ordinary annuity of 1 at 11% for 11 periods 19.56143

Future value of annuity due of 1 at 11% for 11 periods 21.71318

Future value of ordinary annuity of 1 at 11% for 10 periods 16.72201

Future value of annuity due of 1 at 11% for 10 periods 18.56143

Required - What is the required amount of each deposit?

1. $13,469

2. $14,950

3. $11,514

4. $12,780

Reference no: EM133133114

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