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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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