What amount needs to deposit at the end of year


Kate 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 has collected to $6,802.16. Diana will be making deposits at the end of every year into the different account with the effective annual interest rate of 6% for that same period of time. What amount Diana needs to deposit at the end of year to collect same amount as Kate?

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