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You would like to have $60,000 saved in 14 years. To accumulate this amount, you plan to deposit equal sums in a savings account, which

You would like to have $60,000 saved in 14 years. To accumulate this amount, you plan to deposit equal sums in a savings account, which will earn 8.4% interest compounded annually. Your first deposit will be made at the end of the year. How much must you deposit to accumulate the desired amount?

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