question archive Carl would like to save $100,000 by s 40th birthday to pay for a special midlife crisis vacation
Carl would like to save $100,000 by s 40th birthday to pay for a special midlife crisis vacation
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Carl would like to save $100,000 by s 40th birthday to pay for a special midlife crisis vacation. He plan to achieve this by investing equal annual amounts each year beginning on his 24th birthday and ending including a payment on his 40th birthday. If the investment pays an 11 percent interest rate, what is the size of each annual payment Carl needs to invest?
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