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You have a goal to have $250,000 in 20 years. To accumulate this amount, you plan to deposit at the end of each year an

You have a goal to have $250,000 in 20 years. To accumulate this amount, you plan to deposit at the end of each year an equal sum in the bank, which will earn 6% compounded annually. You know today that at the end of 8 years, you will receive a gift of $60,000 and deposit this in the bank toward your goal. In addition to the gift, how much must you deposit in equal annual deposits to reach your goal?

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