Question: You would like to have $ 5 1 , 0 0 0 in 1 5 years. To accumulate this amount, you plan to deposit an

You would like to have $51,000 in 15 years. To accumulate this amount, you plan to deposit an equal sum in the bank each year that will earn 10 percent interest compounded annually. Your first payment will be made at the end of the year. How much must you deposit annually to accumulate this amount?

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