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A retirment home at deer trail estates now costs 1 5 3 , 0 0 0 . Infliation is expected to cause this price to

A retirment home at deer trail estates now costs 153,000. Infliation is expected to cause this price to increase at 4% per year over the 21 years before C.L. Donovan retires. If Donovan earns 8% on his investments, how large must an equal, end of year deposit must be to provide the cash needed to buy the home 21 years from now?

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