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4. (3pts) Deposits of $500 are placed into a fund at the beginning of each year for the next 20 years in order to provide

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4. (3pts) Deposits of $500 are placed into a fund at the beginning of each year for the next 20 years in order to provide an annual scholarship forever, where the constant annual payments start at the end of 30th year. Find the amount of each payment with annual effective rate of 4%. (Answer: $881.58)

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