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a company offered an ordinary annuity that earned 5.5% compounded annually. mitral plans to make equal annual deposits into this account for 20 years and
a company offered an ordinary annuity that earned 5.5% compounded annually. mitral plans to make equal annual deposits into this account for 20 years and then make 14 equal annual withdrawals of $15,000 , reducing the balance in the account to zero. how much must be deposited annually to accumulate sufficient funds to provide for these payment? how much total interest is earned during this entire 34-years process?
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