Question
Johnstone needs to accumulate sufficient funds to pay a $420,000 debt that comes due on December 31, 2021. The company will accumulate the funds by
Johnstone needs to accumulate sufficient funds to pay a $420,000 debt that comes due on December 31, 2021. The company will accumulate the funds by making five equal annual deposits to an account paying 8% interest compounded annually. Determine the required annual deposit if the first deposit is made on December 31, 2016.
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Merchandising Math A Managerial Approach
Authors: Doris Kincade, Fay Gibson, Ginger Woodard
1st Edition
0130995886, 978-0130995889
