Question: (Compounding using a calculator) Lisa Simpson wants to have $1 million in 45 years by making equal annual end-of-the-year deposits into a tax-deferred account paying

(Compounding using a calculator)

Lisa Simpson wants to have $1 million in 45 years by making equal annual end-of-the-year deposits into a tax-deferred account paying 8.75 percent annually. What must Lisa's annual deposit be?

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