Question: You plan on buying some property in Florida 5 years
You plan on buying some property in Florida 5 years from today. To do this you estimate that you will need $ 20,000 at that time for the purchase. You would like to accumulate these funds by making equal annual deposits in your savings account, which pays 12 percent annually. If you make your first deposit at the end of this year, and you would like your account to reach $ 20,000 when the final deposit is made, what will be the amount of your deposits?
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