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(1.5) 1. Suppose that Prof. Smith would like to have $120,000 in 12 years from today for his daughter's college education by depositing the same

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(1.5) 1. Suppose that Prof. Smith would like to have $120,000 in 12 years from today for his daughter's college education by depositing the same amount of money in the end of each year over the next 12 years into a savings account with a fixed interest rate of 7% per year, calculate the annual deposit (i.e., how much money should be deposited each year?)

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