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Question
A sum of money is deposited at the beginning of each year for 3 years at 12% compounded annually. After the last deposit interest for the account is to be 8.24% compounded quarterly and the account is to be paid out by payments of $370.00, made at the beginning of each quarter for nine years, what is the size of the annual deposit?
You will probably need a stopwatch to collect the relevant timing information. Consider the following questions:
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