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A retirement home at Deer Trail Estates now costs $121,000. Inflation is expected to cause this price to increase at 77% per year over the
A retirement home at Deer Trail Estates now costs $121,000.
Inflation is expected to cause this price to increase at 77% per year over the 20
years before C. L. Donovan retires. How large an equal annual end-of-year deposit must be made each year into an account paying an annual interest rate of 99% for Donovan to have the cash to purchase a home at retirement?
The equal, annual end-of-year deposit to be made each year into the account is ___
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