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On January 1 of the current year, Southwest Inc. adopts a plan to accumulate funds for environmental improvements to occur 4 . 5 years in

On January 1 of the current year, Southwest Inc. adopts a plan to accumulate funds for environmental improvements to occur 4.5 years in the future, at an estimated cost of $1,000,000. Southwest plans to make four equal annual deposits in a fund that earns interest at 10% compounded annually. The first deposit is made on July 1 of the current year. Compute the amount of the annual deposit.

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