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(Solving for PMT of an annuity) To pay for your child's education, you wish to have accumulated $18,000 at the end of 6 years.
(Solving for PMT of an annuity) To pay for your child's education, you wish to have accumulated $18,000 at the end of 6 years. To do this, you plan on depositing an equal amount into the bank at the end of each year. If the bank is willing to pay 9 percent compounded annually, how much must you deposit each year to reach your goal?
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
12th edition
978-0324597714, 324597711, 324597703, 978-8131518571, 8131518574, 978-0324597707
