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In five years a company will purchase equipment costing $100,000. The company decides to place a single deposit into a savings account now so that
In five years a company will purchase equipment costing $100,000. The company decides to place a single deposit into a savings account now so that its future value will equal the cost of the equipment. If the account earns interest at an annual rate of 10% compounded continuously, determine the deposit to the nearest dollar. ps. my aswer key says $60,653 but the last person to solve this got $62093 which I don't think is correct. Please show work.
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