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A corporate treasurer wishes to accumulate $10,000,000 thirty years from today ( at the end of year 30 ).He plans to make 30 annualdeposits into
A corporate treasurer wishes to accumulate$10,000,000thirty years from today (at the end of year 30).He plans to make30 annualdepositsinto an account offering8 percent per year, compoundedsemiannually. Thefirst depositwill be madeone year fromtoday(atthe end of year1)and the last deposit will be made at theend of year 30(at the time the $10,000,000 is required).What must be the amount of these equal annual deposits, a, to accumulate the required $10,000,000 balance?
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