Question: Assume that you will require $2,000 in 4 years time. Suppose that you can afford to deposit only $400 at the beginning of each year,

Assume that you will require $2,000 in 4 years time. Suppose that you can afford to deposit only $400 at the beginning of each year, the first deposit to be made now. What interest rate would you require to reach your target if the bank compounds annually?

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