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A state engineer is planning the future maintenance of one of Maines toll booths. It is anticipated that the toll booth will need a major
A state engineer is planning the future maintenance of one of Maines toll booths. It is anticipated that the toll booth will need a major overhaul 10 years from now over a three- year period in the amounts indicated in the table below. The state invests their money at a 5% annual return. What equal annual deposit must be made from year 1 to year 10 to meet the future maintenance expenses shown in the following table?
Deposit | Withdrawal | |
years 1-10 | $ 95,405.49 | |
11 | $300,000 | |
12 | $400,000 | |
13 | $500,000 |
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