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April 19, 2014

Homework Help: math

Posted by anonymous## on Monday, August 1, 2011 at 9:37pm.

The Derr-McGee Manufacturing Company plans to build a new $50,000 warehouse seven years from now. They plan to accumulate the $50,000 in an account before beginning construction. If money is worth 7% compounded annually, how much must each year?s deposit be in order to accumulate $50,000 at the end of the seventh year?

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