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I am making annual deposits of $8,162 at the end of each of the next 8 years in a savings account. I want to have

I am making annual deposits of $8,162 at the end of each of the next 8 years in a savings account. I want to have $90,000 at the end of 8 years. Identify the details below that I need in order to determine the annual interest rate (percent) I must earn to reach my goal if the interest is compounded annually.

What table must I use to find the relevant factor?

  1. Future value of single-sum
  2. Present value of single-sum
  3. Future value of ordinary annuity
  4. Present value of ordinary annuity

What are the number of periods (n) to find the relevant factor?

What is the annual interest rate I must earn?

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