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Aerosystems is estimating a total payroll expense of $1,000,000 at the end of first year. Starting the second year, the payroll expenses will increase by
Aerosystems is estimating a total payroll expense of $1,000,000 at the end of first year. Starting the second year, the payroll expenses will increase by a constant 6 percent per year through the end of 10 years study period. How much Spirit Aerosystems should deposit in equal amount at the end of each year earning 8% interest per year to be able to make all payroll expenses per year for the 10 years?
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