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The Browns wish to accumulate at least $150,000 at the time of their last deposit in a collegefund for their daughter by contributing an amount
The Browns wish to accumulate at least $150,000 at the time of their last deposit in a collegefund for their daughter by contributing an amount A into the account at the end of each year foreighteen years. What is the smallest annual payment A that will suffice if the college fund earnsa level annual effective interest rate of 5%?
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