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2 0.44 Corsair's Corsages bought a new packaging system. The system will require an annual system fee of $6,893, which will decrease by $219 each
2 0.44 Corsair's Corsages bought a new packaging system. The system will require an annual system fee of $6,893, which will decrease by $219 each subsequent year. The company is required to pay the system fee for 10 years. The company has been doing well financially and would like to deposit the total cost of the annual fee today, into a bank account paying 8% interest, compounded annually. How much should the company deposit today to cover the total cost of the system fee? Note: The system fee is required at the end of each year, with the first system fee billed at the end of year 1 and the last year billed at the end of year 10. Enter your answer as: 12345 Round your answer. Do not use a dollar sign ("$"), any commas ("") or a decimal point("")
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