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(Calculating annuity payments) Kelly Yeo plans to buy her own apartment in Singapore in 10 years' time when she retires. She has identified a location
(Calculating annuity payments) Kelly Yeo plans to buy her own apartment in Singapore in 10 years' time when she retires. She has identified a location where house prices average at S300.000 at present. She also expects a rise in the house price by 5 percent every year. She plans to have the funds to buy the apartment at the time of her retire- ment by depositing an equal amount of money every year in a bank account that pays 9 percent per annum compound interest. How much does she need to deposit every year in this account to reach her goal at the time of retirement
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