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(Compound value) The Aggarwal Corporation needs to save $10 million to retire a $10 million mortgage that matures in 10 years. To retire this mortgage,
(Compound value) The Aggarwal Corporation needs to save $10 million to retire a $10 million mortgage that matures in 10 years. To retire this mortgage, the company plans to put a fixed amount into an account at the end of each year for 10 years, with the first payment occurring at the end of 1 year. The Aggarwal Corporation expects to earn 9 percent annually on the money in this account. What equal annual contribution must it make to this account to accumulate the $10 million in 10 years? In order to retire a $10 million mortgage that matures in 10 years, what equal end-of-year contribution must the Aggarwal Corporation make to an account that earns 9 percent annually? $ (Round to the nearest dollar.)
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