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John adams wants to accumulate 100000 to be used for his

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John Adams wants to accumulate $100,000 to be used for his daughter's college education. He would like to have the amount available on December 31, 2014. Assume that the funds will acuumulate in a certificate of deposit paying 8% interest compounded annually.

If John were to make five equal deposits on each December 31, beginning on December 31, 2010, what is the required deposit?

Reference no: EM13585254

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