Question: ABC, Inc. will require $ 2 , 0 0 0 , 0 0 0 ten years hence to redeem its outstanding bonds. It will accumulate

ABC, Inc. will require $2,000,000 ten years hence to redeem its outstanding bonds. It will accumulate this amount by making 10 annual deposits in a fund that earns 3% per annum, the first deposit being made 1 year hence. Determine the amount of annual deposit.

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