Question: Jack is celebrating his 24th birthday today. He wants to start saving in one years time, and retire after his 70th birthday. He decides to

Jack is celebrating his 24th birthday today. He wants to start saving in one year’s time, and retire after his 70th birthday.

He decides to deposit the same amount of money on his birthday each year in a bank which offers 3% interest per year, compounded annually.

Jack hopes to be able to accumulate SGD 700,000 for his saving account, after he made his scheduled deposit on 70th birthday).

Determine the amount he must deposit annually. Round to nearest dollar.

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