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Starting next year, you will need $15,000 annually for 4 years to complete your education. (One year from today you will withdraw the first $15,000.)

Starting next year, you will need $15,000 annually for 4 years to complete your education. (One year from today you will withdraw the first $15,000.) Your uncle deposits an amount today in a bank paying 6% annual interest, which will provide the needed $15,000 payments.

  1. How large must the deposit be? Do not round intermediate calculations. Round your answer to the nearest cent.

    $

  2. How much will be in the account immediately after you make the first withdrawal? Do not round intermediate calculations. Round your answer to the nearest cent.

    $

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