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This set of problems is designed to be calculated using the Excel or financial calculator.

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This set of problems is designed to be calculated using the Excel or financial calculator.
Do not use financial tables to calculate these problems.

You need to accumulate $84,865 for your son’s education. You have decided to place equal year-end deposits in a savings account for the next 12 years. The savings account pays 12.09 percent per year, compounded annually. How much will each annual payment be?

Round the answer to two decimal places.

Your Answer:

 
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