(Solving for PMT of an annuity) To pay for your child's education, you wish to...
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(Solving for PMT of an annuity) To pay for your child's education, you wish to have accumulated $11,000 at the end of 11 years. To do this, you plan on depositing an equal amount into the bank at the end of each year. If the bank is willing to pay 15 percent compounded annually, how much must you deposit each year to reach your goal?
To reach your goal, your annual deposit must be $______. (Round to the nearest cent.)
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