The Stinch Fertilizer Corporation wants to accumulate $8,000,000 for plant expansion. The funds are needed on 01/01/2029. Stinch intends to make five equal annual deposits in a fund that will earn interest at 7% compounded annually. The first deposit is to be made on 01/01/2024. Present value and future value facts are as follows: What is the amount of the required annual deposit? A. $1,300,813 B. $1,391,304 C. $1,951,220 D. $1,704,000 +
The Stinch Fertilizer Corporation wants to accumulate $8,000,000 for plant expansion. The funds are needed on 01/01/2029. Stinch intends to make five equal annual deposits in a fund that will earn interest at 7% compounded annually. The first deposit is to be made on 01/01/2024. Present value and future value facts are as follows: What is the amount of the required annual deposit? A. $1,300,813 B. $1,391,304 C. $1,951,220 D. $1,704,000 +
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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The Stinch Fertilizer Corporation wants to accumulate $8,000,000 for plant expansion. The funds are needed on 01/01/2029. Stinch intends to make five equal annual deposits in a fund that will earn interest at 7% compounded annually. The first deposit is to be made on 01/01/2024.
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