Question
A steel company has an obligation to pay $20 million 10 years from now. What must be the annual contribution of the company to a
A steel company has an obligation to pay $20 million 10 years from now. What
must be the annual contribution of the company to a sinking fund which will redeem this obligation? Assume the sinking fund money is invested at 6% annually.
- $1,517,359
- $2,000,000
- $2,717,359
D. none of the above; the correct answer is _____
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Foundations Of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
18th Edition
126409762X, 9781264097623
