Solved: The savings account pays 633 percent per year compounded, Finance Basics

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The savings account pays 633 percent per year compounded

You need to accumulate $82,712 for your son's education. You have decided to place equal year end deposits in a savings account for the next 16 years. The savings account pays 6.33 percent per year, compounded annually. How much will each annual payment be?

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Finance Basics: The savings account pays 633 percent per year compounded

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