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Today, you open a new savings account and plan to begin depositing equal amounts at the beginning of each year for 5 years, including the
Today, you open a new savings account and plan to begin depositing equal amounts at the beginning of each year for 5 years, including the deposit you make today. There will be only these 5 deposits and no withdrawals made to your account. Assume the interest rate you will earn is 8%. If you want your account balance to be exactly $40,000 at the end of 5 years, what must be the amount of each deposit?
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