Question
Bob Smith borrowed $200,000 on January 1, 2015. The interest rate of 8% is compounded semiannually to be repaid January 1, 2025. To repay this
Bob Smith borrowed $200,000 on January 1, 2015. The interest rate of 8% is compounded semiannually to be repaid January 1, 2025. To repay this Bob wants to start making five equal annual deposits into fund that earns 6% annum on January 1, 2020.
Required:What is the amount of the five annual deposits that Bob needs to make?
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Case Studies In Forensic Accounting And Fraud Auditing
Authors: Professor D. Larry Crumbley, Wilson LaGraize, Christopher E. Peters
2nd Edition
0808041932, 978-0808041931
