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Accumulating a growing future sum Personal Finance Problem A retirement home at Deer Trail Estates now costs $143000. Inflation is expected to cause this price

Accumulating a growing future sum Personal Finance Problem

A retirement home at Deer Trail Estates now costs $143000. Inflation is expected to cause this price to increase at 5% per year over the 25 years before C. L. Donovan retires. If Donovan earns 9% on his investments, how large must an equal, end-of-year deposit must be to provide the cash needed to buy the home 25 years from now?

The equal, annual end-of-year deposit to be made each year into the account is ___ (Round to the nearest cent.)

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