your parents deposit a regular amount of money into a bank account for you each year on your birthday, with the final deposit on you 2 1 st birthday The interest is 4 p a compounded annually They give you the total amount accumulated on your 2 2 nd birthday How much will your parents need to contribute every year so that you will recieve 1 6 , 0 0 0 $ on your 2 2 nd birthday

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your parents deposit a regular amount of money into a bank account for you each year on your birthday, with the final deposit on you

21

st birthday. The interest is

4 %

.

.

compounded annually. They give you the total amount accumulated on your

22

nd birthday. How much will your parents need to contribute every year so that you will recieve

16, 000

$ on your

22

nd birthday?

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