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You plan to retire in Honolulu, Hawaii and retirement home that city costs $300,000 today. Housing prices in Hawaii are increasing at a rate of

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You plan to retire in Honolulu, Hawaii and retirement home that city costs $300,000 today. Housing prices in Hawaii are increasing at a rate of 5% per year. You plan to buy the home in 10 years when you retire. You currently have $30,000 in a savings account paying 8% interest per year. You intend to make ten equal annual deposits into the savings account starting today. How much must each deposit be so you will have enough money in your savings account to buy the retirement home when the time comes for retirement

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