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A retirement unit now costs $397,288. Inflation is expected to cause this price to increase at 4% per year over 21 years. 21 is the

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A retirement unit now costs $397,288. Inflation is expected to cause this price to increase at 4% per year over 21 years. 21 is the number of years to retirement. How large an equal annual end of year deposit must be made each year into an account paying an annual interest rate of 7% in order for a retiree to have the cash to purchase a unit at retirement

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