A supplier of certain suspension system parts for General Motors wants to have a contingency fund that it can draw on during down periods of the economy. The company wants to have

$15 million in the fund 5 years from now. If the company deposits $1.5 million now, determine the uniform amount to add at the end of each of the next 5 years to reach its goal, provided the fund earns 10% per year. Solve using

(a) tabulated factors, and

(b) the Goal Seek tool in Excel. (Hint:

See Appendix A, Section A.4.)