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2. To pay for your child's education, 4 পয়েন্ট you wish to have accumulated $25,000 at the end of 15 years. a) 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 6 percent compounded 6 annually, how much must you deposit each year to reach your goal? b) If you plan to deposit an equal amount into another bank at the beginning of each month and the bank is willing to pay 5% compounded monthly, how much must you deposit each month?
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