10 mins) you wish to deposit a sum today in an account to provide for annual fuel expenses for the next 9 years. the fuel expenses are paid at the end of each year. the expenses at the end of the first year are expected to be $5,000, and you expect that this amount will increase by 9% each year compared to the previous year. if the account pays 3.4% interest, what sum must you deposit now? (use the formula)

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02-11-2022
Business

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10 mins) you wish to deposit a sum today in an account to provide for annual fuel expenses for the next 9 years. the fuel expenses are paid at the end of each year. the expenses at the end of the first year are expected to be $5,000, and you expect that this amount will increase by 9% each year compared to the previous year. if the account pays 3.4% interest, what sum must you deposit now? (use the formula)

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