How much money should be deposited each year for 5 years starting 1 year from today, if you wish to withdraw $9889 each year for 9 years, beginning at the end of 16 years? Let i=12% per year. (Round off  to 2 decimal places)

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.