Homework Answers
Future value = Annuity * [(1 + r)n - 1] / r
5,000,000 = Annuity * [(1 + 0.08)40 - 1] / 0.08
5,000,000 = Annuity * [21.724521 - 1] / 0.08
5,000,000 = Annuity * 259.056519
Annuity = $19,300.81
The end of the year deposits should be $19,300.81
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