You need to accumulate $ 79,550 for your sons education. You have decided to place equal year end deposit in a savings account for the next 9 years….

You need to accumulate $ 79,550 for your sons education. You have decided to place equal year end deposit in a savings account for the next 9 years. The savings account pays 5.40 percent per year, compounded annually. How much will each annual payment be? 

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