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Mamma Mia Company needs to accumulate sufficient funds to pay a $312,500 debt that comes due on December 31, 2021. The company will accumulate the

Mamma Mia Company needs to accumulate sufficient funds to pay a $312,500 debt that comes due on December 31, 2021. The company will accumulate the funds by making five equal annual deposits to an account paying 10% interest compounded annually. Determine the required annual deposit if the first deposit is made on December 31, 2016.

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