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2. It is desired to accumulate a fund of $1000 at the end of 8 years by equal deposits at the beginning of each year.

2. It is desired to accumulate a fund of $1000 at the end of 8 years by equal deposits at the beginning of each year. If the deposits earn interest at 8% effective but the interest can be reinvested at only 5% effective. What is the value of annual deposit?

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