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September 3, 2022

You need to accumulate $63,233 for your son’s education. You have decided to place equal year-end deposits in a savings account for the next 17 years

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University of Maryland Global Campus Accounting Education Question

You need to accumulate $63,233 for your son’s education. You have decided to place equal year-end deposits in a savings account for the next 17 years. The savings account pays 13.70 percent per year, compounded annually. How much will each annual payment be?

Round the answer to two decimal places.

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