You need to accumulate $86,980 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 5.85 percent per year, compounded annually. How much will each annual payment be?
You need to accumulate $86,980 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 5.85 percent per year, compounded annually. How much will each annual payment be?
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