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You want $50,000 six years from now for a new car, and your grandparents offer to give you $15,000 now. A part-time job will allow
You want $50,000 six years from now for a new car, and your grandparents offer to give you $15,000 now. A part-time job will allow you to make six additional deposits, one at the end of each year. If the bank pays 5% interest (compounded annually), how large must your annual deposits be?
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