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What is the value of the first deposit

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Question - Assume that today is your 30th birthday and you want to start saving for your retirement. Every quarter you will reinforce your savings with deposits that grow 1% every quarter, starting one quarter from now and lasting until the day you turn 70 years, inclusive. Assume that your savings earn a 6% APR, quarterly compounded. Consider that on your 70th birthday, after the last deposit is done, you intend to have in your bank account C888529. What is the value of the first deposit?

Reference no: EM133139785

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