YOU ARE SAVING MONEY TO BUY A HOUSE IN TEN YEARS. YOU WILL NEED $75...

6. You are saving money to buy a house in ten years. You will need $75,000 to

make the down payment at that time. Due to some other financial commitments

you won’t be able to deposit any money in years 9 and 10 towards this down

payment. How much equal amounts must you deposit in a savings account at the

end of each year (other than years 9 and 10) in order to save $75,000 if the

savings account pays interest at 10 percent per year compounded annually?

A) $3,875

B) $4,115

C) $5,420

D) $6,558