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What size annuity will result in a lump sum equal

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Problem 1: You wish to purchase a home in five years from now and estimates that an initial down payment of $20,000 will be required at that time; and you wish to make an equal annual end-of year deposits in an account paying annual interest of 3 percent, so what size annuity will result in a lump sum equal to $20,000 at the end of year 5.

Reference no: EM132945194

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