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You need to accumulate $114,480 for your son's education. You have decided to place equal year-end deposits in a savings account for the next 14

You need to accumulate $114,480 for your son's education. You have decided to place equal year-end deposits in a savings account for the next 14 years. The savings account pays 6.88 percent per year, compounded annually. How much will each annual payment be?

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