Maria is 40 years old today and she wishes to accumulate $1,840,000 by her sixty-fifth birthday so

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Maria is 40 years old today and she wishes to accumulate $1,840,000 by her sixty-fifth birthday so she can retire to a beach in Florida. She wishes to accumulate this amount by making equal deposits on her fortieth through her sixty-fourth birthdays.

Compute the annual deposit Maria must make if the fund will earn 4% interest compounded annually.

Annual deposit $_______________

Related Book For answer-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0134141084

11th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs

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Posted Date: Dec 03, 2019 04:31 AM

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Maria is 40 years old today and she wishes to accumulate $1,840,000 by her sixty-fifth birthday so

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Here the deposits will be same every year so it is an annuity And since the ... View the full answer

Contemporary Business Mathematics with Canadian Applications

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