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To pay for your child's education, you wish to have accumulated $ 1 2 , 0 0 0 at the end of 9 years. To

To pay for your child's education, you wish to have accumulated $12,000 at the end of 9 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 8 percent compounded annually, how much must you deposit each year to reach your goal?

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