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Manny and Irene will be retiring in 15 yeras and would like to buy a mexican villa. The villacosts $500,000 today and housing prices in
Manny and Irene will be retiring in 15 yeras and would like to buy a mexican villa. The villacosts $500,000 today and housing prices in Mexico are expected to increase 6% per year. Manny and Irene want to make 15 equal annual payments into an account, starting today, so there will be enough money to purchase the villa in 15 years. If the account earns 10% a year, what is the amount of each deposit?
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