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A person wishes to accumulate $5,000 over a period of 15 years so that a cash payment can be madefor a new roof on a

A person wishes to accumulate $5,000 over a period of 15 years so that a cash payment can be madefor a new roof on a summer cottage. To have this amount when it is needed, annual payments will be

made into a savings account that earns 8% interest per year. How much must each annual payment

be? Draw a cash flow diagram.

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