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You would like to buy an apartment in five years, and you are starting to save to finance the down payment. You already have 12,000
You would like to buy an apartment in five years, and you are starting to save to finance the down payment. You already have 12,000 on a savings account in which you are planning to make additional annual deposits of 7,500 during the next five years (first deposit in t=1). If the savings account pays an annual interest rate of 4%, what will its balance be after you make the last deposit in t=5?
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