Question
Greetings, I'm really struggling with this question. Any help is greatly appreciated. Thank you for your time! A company has a debt payment of $2.39
Greetings,
I'm really struggling with this question. Any help is greatly appreciated. Thank you for your time!
A company has a debt payment of $2.39 million that it must make 5 years from today. The company does not want to come up with the entire amount at that time, so it plans to make equal monthly deposits into an account starting 1month from now to fund this liability. If the company can earn a return of 5.58 percent compounded monthly, how much must it deposit each month?
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Fundamental Accounting Principles Volume II
Authors: Larson Kermit, Jensen Tilly
14th Canadian Edition
978-1259066511
