You plan to buy some property in Florida five years from today. To do this, you estimate
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You plan to buy some property in Florida five years from today. To do this, you estimate that you will need $20,000 at that time. 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, how much will you have to deposit in the account annually?
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You would like to buy some property in Florida in 5 years for 20000 Y...View the full answer
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Related Book For 
Financial Management Principles and Applications
ISBN: 978-0133423822
12th edition
Authors: Sheridan Titman, Arthur Keown, John Martin
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