Amortization goal: To accumulate $8,000 by the end of 5 years by making equal annual end-of-year deposits for the next 5 years
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To accumulate $8,000 by the end of 5 years by making equal annual end-of-year deposits for the next 5 years. If earning 7% on the investments, how much must be deposited at the end of each year to meet the goal?
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