If the bank is willing to pay 12 percent compounded, Financial Management

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If the bank is willing to pay 12 percent compounded

To pay for your child's education, you wish to have accumulated $11,000 at the end of 11 years. To do this, you plan to deposit an equal amount into the bank at the end of each year. If the bank is willing to pay 12 percent compounded annually, how much must you deposit each year to obtain your goal?

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Financial Management: If the bank is willing to pay 12 percent compounded

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