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Korman Company wishes to accumulate $1,000,000 by May 1, 2035 by making 8 equal annual deposits beginning May 1, 2027 to a fund paying 8%

Korman Company wishes to accumulate $1,000,000 by May 1, 2035 by making 8 equal annual deposits beginning May 1, 2027 to a fund paying 8% interest compounded annually. What is the required amount of each deposit? (Please show the steps!)

A) $174,016

B) $94,016

C) $87,051

D) $100,780

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