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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?

Please show your work and do not use calculators.

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