Ryan has always dreamed of opening a cafe by the seaside. He decides he will save to help open the cafe by depositing money and in order ordinary annuity that earned 7.8% interest, compounded annually. Deposits will be made at the end of the year. How much money will he need to deposit into the annuity each year for the annuity to have a total value of $24,000 after 8 years

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Q: money should he have

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A: Formula:

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