Decide to make annual deposits into a savings account

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Suppose that the parents of a young child decide to make annual deposits into a savings account, with the first deposit being made on the child’s 5th birthday and the last deposit being made on the 15th birthday. Then, starting on the child’s 18th birthday, four end-of-year withdrawals will be made at the amounts of $1,900, $2,350, $2,800, and $3,250, respectively. If the effective annual interest rate is 9% during this period of time, what are the annual deposits in years 5 through 15?

Reference no: EM131002301

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