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You would like to accumulate $ 1 5 , 5 0 0 by the end of three years from now to buy a used car.

You would like to accumulate $15,500 by the end of three years from now to buy a used car. You have $2,500 now and would like to save equal annual end-of-year deposits to pay for the car. How much should you deposit at the end of each year in an account paying eight percent interest to buy the car?

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