5-31B. (Compound annuity) You plan to buy some property in Florida five years from today. To do...

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5-31B. (Compound annuity) You plan to buy some property in Florida five years from today. To do this, you estimate that you will need $30,000 at that time for the purchase. You would like to accumulate these funds by making equal annual deposits in your savings account, which pays 10 percent annually. Ifyou make your first deposit at the end of this year and you would like your account to reach $30,000 when the final deposit is made, what will be the amount ofyour deposits?

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Financial Management Principles And Applications

ISBN: 9780131450653

10th Edition

Authors: Arthur J. Keown, J. William Petty, John D. Martin, Jr. Scott, David F.

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