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If you invest $5,000 annually for the next 20 years and earn 9% per year (20 deposits, annuity, AER rate) . . A. How much

If you invest $5,000 annually for the next 20 years and earn 9% per year (20 deposits, annuity, AER rate) . .

A. How much will you have at the end of the 20th year (T20), if the first deposit is 1 year from now (at T1) ?

B. How much will you have at the end of the 20th year, if the first deposit is made immediately (at T0) ?

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