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Determine what amount must deposit each year

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You want to have DKr450,000 in your savings account 10 years from now, and you're prepared to make equal annual deposits into the account at the end of each year.

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Question 1: If the account pays 7 per cent interest, what amount must you deposit each year? (Do not round intermediate steps. Round your answer to 2 decimal places (e.g., 32.16). The program includes a margin of error of +/- 1%.)

Reference no: EM132494053

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