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Suppose you will need $50,000 ten years from now. You plan to make seven equal annual deposits beginning three years from today in an account

Suppose you will need $50,000 ten years from now. You plan to make seven equal annual deposits beginning three years from today in an account that yields 11% compounded annually.

How large should the annual deposit be?

Try to use an appropriate annuity formula, and make sure to clearly state any assumptions you make.

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