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You will deposit $ 1 5 0 each of the next five years ( the first deposit will occur one year from today, and there
You will deposit $ each of the next five years the first deposit will occur one year from today, and there will be a total of equal deposits into an account that pays a effective annual rate. Six years from today, you wish to have exactly $ in the account. You would need to deposit an additional $ into the account six years from today to meet that goal.
Hints: Make a timeline! There are many ways to solve this problem, so you should be able to verify your answer by trying a different solution method. I recommend making sure you can solve this problem by starting it as an annuity problem, as that will reinforce your understanding of how annuity timing works.
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