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Johnstone needs to accumulate sufficient funds to pay a $420,000 debt that comes due on...

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Accounting

Johnstone needs to accumulate sufficient funds to pay a $420,000 debt that comes due on December 31, 2021. The company will accumulate the funds by making five equal annual deposits to an account paying 8% interest compounded annually. Determine the required annual deposit if the first deposit is made on December 31, 2016.

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