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You need to have 50.000$ at the end of 10 years. To accumulate this sum, you have decided to sabe a certain amount at the end of each of the next 10 years and deposit it in the bank. The bank pays 8 percent interested compounded annually for long-term deposits.
a) How much Will you have to save each year?
b) How much Will you have to save if you deposit a certain amount at the biggining of each ear? would you expect this amount to be higher or lower tan those calculated in the previous point?
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A Port Glasgow student is celebrating today after winning a fantastic $2,543,000 Lotto jackpot in last Wednesday's draw - only a week after she dreamt.
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