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Compute the amount of each payment

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Question - Karen Ogleby wants to accumulate $41,600 to use for an around the world trip. She plans to accumulate the desired amount by depositing $5,720 annual-year-end payments into an account at the National Bank which pays 4% interest, compounded annually.

Required -

1. Compute the account balance at the end of the sixth year.

2. Compute the amount of each payment that Karen must make at the end of each of the six years to accumulate the $41,600.

Reference no: EM132517100

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