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Myles firm aims to accumulate R 7 8 0 0 0 0 to fund the purchase of new equipment seven years from today. The strategy

Myles firm aims to accumulate R780000 to fund the purchase of new equipment seven years from today. The strategy involves depositing a consistent amount of money on the first day of each year, starting from today. Given that the firm can achieve a 5% rate of return. How much must the firm save annually to reach its target?
1.
R91237,57
2.
R93966,14
3.
R95799,46
4.
R98896,16

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