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You make 10 equal annual end-of-year deposits of $5,000 to an account paying 8% interest compounded annually. You then increase the size of your deposit
You make 10 equal annual end-of-year deposits of $5,000 to an account paying 8% interest compounded annually. You then increase the size of your deposit to $10,000 for the next ten years (10 deposits of $10,000 made at the end of years 11 through 20). How much will your account hold after you make your final payment at the end of year 20? |
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