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You plan to make THIRTY-SIX equal annual deposits of size X into an account paying 3% interest. The first deposit is to be made today
You plan to make THIRTY-SIX equal annual deposits of size X into an account paying 3% interest. The first deposit is to be made today (2020) and the last deposit will be made in 2055. You want to turn the account over to college and have enough money in the account such that the college will be able to withdraw, from the account, $25,000 per year for 10 years (first withdrawal to be made in 2061). Find X.
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