A student wants to save $8000 for college in five years. How much should be put every year into an account that earns 5.2 percent annual interest?
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The student wants to have $8000 at the end of 5 years by placing a certain amount in an account every year where he is able to earn 5.2 interest annually.
Let the amount be X. The amount that is placed in year 1 increases to X*(1 + 5.2%)^5 after 5 years and...
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