What amount needs to deposit at end of every year


Sue deposits $50 at the end of every month into the account earning the nominal rate of interest of 5% compounded monthly. At the certain point in time, it had gathered to $6,802.16. Sally will be making deposits at end of every year into the different account with the effective annual interest rate of 6% for that same period of time. What amount Sally needs to deposit at end of every year to collect to same amount as Sue?

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Mathematics: What amount needs to deposit at end of every year
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