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Adriana wishes to accumulate $2,020,000 in 35 years. If 35 end-of-year deposits are made into an...

Adriana wishes to accumulate $2,020,000 in 35 years. If 35 end-of-year deposits are made into an account that pays interest at a rate of 5% compounded annually, what size deposit is required each year to meet Adriana’s stated objective?

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Answer #1

The annual deposit amount is $22365

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