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(Comprehensive problem) You would like to have $54,000 in 12 years. To accumulate this amount, you plan to depost an equal sum in the bank

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(Comprehensive problem) You would like to have $54,000 in 12 years. To accumulate this amount, you plan to depost an equal sum in the bank each year that will eam 7 , percent interest compounded annualy. Your first poyment wil be made at phe end of the year a. How much must you deposit annualy to accumulate this anount? b. If you decide to make a large lump-sum depost today instead of the annua deposis, how larpe should this lump-sum deposit be? (Assume you can earn 7 percent on inis deposit) c. At the end of five years, you wat recelve $10,000 and deposit this in the bank toward your goal of $54,000 at the end of year 12 in additon to the lump-sum depost, how much must you depose in equal annual amounts, begining in year 1 to reach your goar? (Again assurne you can earn 7 percent on your depouta) a. How much must you depost annualy to accumulate this amount? (Round to the nearest cent)

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