Question: You plan to buy property in Florida five years from
You plan to buy property in Florida five years from today. To do this, you estimate that you will need $30,000 at that time for the purchase. You would like to accumulate these funds by making equal annual deposits in your savings account, which pays 10 percent annually. If you make your first deposit at the end of this year, and you would like your account to reach $30,000 when the final deposit is made, what amount do you need to deposit annually?
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