Youwant to buy a car after 4 years.At the time of purchase, after 4 years, thecarwill cost $13,000.

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Youwant to buy a car after 4 years.At the time of purchase, after 4 years, thecarwill cost $13,000. You currently have $5,000 in a savings bank account, whichprovides 6.5% interestcompoundedsemi-annually. You have plan touse thissavings plus what you can annuallydeposit inasecondbank accountoverthe next4 years to purchase the car. The second account also provides 6.5% interest,howevercompounded annually. How much money should you deposit each yearin this second bank account to meet the cost of the car in 4 years?

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