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QUESTION
Suppose you want to buy a house in 5 years from now and estimate that the initial down payment of Sh. 2 million will be required at that time.
Suppose you want to buy a house in 5 years from now and estimate that the initial down payment of Sh. 2 million will be required at that time. You wish to make equal annual end of year deposits in an account paying annual interest of 6%. Determine the size of the annual deposit.
