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Assume that you wish to make annual deposits into a savings account. The interest rate offered...

Assume that you wish to make annual deposits into a savings account. The interest rate offered by the bank is 13%, and you plan to save for the next 13 years. If your goal is for the present value of your savings to be equal to $3746, how much money must you deposit every year?

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Answer #1
Preset value of amount reqjuired today 3746
Divide: Annuity PVF at 13% for 13 years 6.12181
Annual amount to be deposited 611.91
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