A man deposits a sum of money in the starting of every year for 3 years. After 3 years Rs. 23808 were deposited in his account. Find the sum of money deposited by the man every year if the rate of interest is \( 12 \% \).
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Step 1: Identify the problem as a future value of an annuity problem where the man deposits a fixed sum of money every year for 3 years at an interest rate of 12%. Show more…
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