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Johnstone needs to accumulate sufficient funds to pay a $520 000 debt that comes due on December 31, 2021. The company will accumulate the funds

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Johnstone needs to accumulate sufficient funds to pay a $520 000 debt that comes due on December 31, 2021. The company will accumulate the funds by making five equal a annual deposits to an account paying 7% interest compounded annually. Determine the required annual deposit if the first deposit is made on December 31, 2016

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