You want to have 83000 in your savings account 11 years


You want to have $83,000 in your savings account 11 years from now, and you’re prepared to make equal annual deposits into the account at the end of each year. If the account pays 6.30 percent interest, what amount must you deposit each year?

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Financial Management: You want to have 83000 in your savings account 11 years
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