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You would like to accumulate at least 2 0 , 0 0 0 in an account earning 5 % annual effective interest. You will deposit

You would like to accumulate at least

20, 000

in an account earning

5 %

annual effective interest. You will deposit

1, 000

at the beginning of each year for n years. What is the value of n

?

What will the account balance be after n years?

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