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You wish to determine how much you would need to save every year (at end...

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Accounting

You wish to determine how much you would need to save every year (at end of each year) during the next five years, so that you can afford the following: 1. At end of year 5, you will need $120,000 for a start-up investment.

You will also need to make three $20,000 payments at the end of years 7,8 and 9. In addition to your savings, you currently have $10,000 in an account earning 10% and you expect to receive two, $15,000 inheritance payments in years 1 and 2 (at end of year). All funds may be assumed to be reinvested at 10%.

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