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James wishes to purchase a Porsche for $2,000,000 in 10 years and decides to deposit a fixed amount in an investment account at the end

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James wishes to purchase a Porsche for $2,000,000 in 10 years and decides to deposit a fixed amount in an investment account at the end of each year of the coming 10 years. How much should he deposit every year so that he will have enough money in his investment account to purchase the car at the end of 10 years? Assume that his investment account earns an average yearly return of 17% over the next 10 years. (9 marks)

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