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timeline is supposed to be 12 years, not 10 1. You would like to have $150,000 in 12 years. To accumulate this amount, you plan
timeline is supposed to be 12 years, not 10
1. You would like to have $150,000 in 12 years. To accumulate this amount, you plan to deposit each year an equal sum in the bank, which will earn 9% compounded annually. Your first payment will be made at the end of the year. You know today that at the end of 5 years, you will receive a gift of $50,000 and deposit this in the bank toward your goal of $150,000 in 10 years. In addition to this gift, how much must you deposit in equal annual deposits to reach your goal Step by Step Solution
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