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You need to accumulate $25,000. To do so, you plan to deposit $12,000 per year in a bank that pays 8% interest. You last deposit
You need to accumulate $25,000. To do so, you plan to deposit $12,000 per year in a bank that pays 8% interest. You last deposit will be less than $12,000 if less is needed to round out to $25,000. How large will the last deposit be for you to have exactly $25,000 in your account?
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