You need to have 80,000 at the end of 7 years. To accumulate this sum, you have decided to save a certain amount at the end of each of the next 7 years and deposit it in the bank. The bank pays 11...

You need to have 80,000 at the end of 7 years. To accumulate this sum, you have
decided to save a certain amount at the end of each of the next 7 years and deposit it in
the bank. The bank pays 11 percent interest compounded annually for long-term
deposits. How much will you have to save each year?