Solved: If the bank is willing to pay 7 percent compounded annually, Finance Basics

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If the bank is willing to pay 7 percent compounded annually

You wish to have accumulated $12,000 at the end of 13 years. You plan to deposit an equal amount into the bank at the end of each year. If the bank is willing to pay 7 percent compounded annually, how much must you deposit each year to reach your goal?

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Finance Basics: If the bank is willing to pay 7 percent compounded annually

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