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Accumulating a growing future sum - Personal Finance Problem A retirement home at Deer Trail Estates now costs $ 184000. Inflation is expected to cause

Accumulating a growing future sum - Personal Finance Problem

A retirement home at Deer Trail Estates now costs $ 184000. Inflation is expected to cause this price to increase at 7% per year over the 19 years before C. L. Donovan retires. If Donovan earns 11% on his investments, how large must an equal, end-of-year deposit must be to provide the cash needed to buy the home 19 years from now?

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