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A young married couple wishes to set up a fund that can be used for various home equipment purchases over the next 10 years. Their

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A young married couple wishes to set up a fund that can be used for various home equipment purchases over the next 10 years. Their forecast is for $10,000 to be needed at the end of year 1 , decreasing by $1000 each year thereafter. The fund earns 6% per year. How much money must be deposited in the fund now such that after the last withdrawal ( 10 years from now) the fund is depleted (balance in the account equals 0)? (Answer: $43,999 )

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