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Jake would like to have $30,000 twenty years from today. He has $5,000 to put in a savings account today. In addition, he wants to

  1. Jake would like to have $30,000 twenty years from today. He has $5,000 to put in a savings account today. In addition, he wants to deposit an equal annual amount for 20 years, with the first of these savings deposits one year from today. 
  2. How much must Jake save in equal amounts if his savings can earn 5 percent annual interest? (Solve using financial formulas, not excel).


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