Question
Lilac Pharmacy will need $2.5 million 6 years from now to replace some equipment. Currently, the firm has some extra cash and would like to
Lilac Pharmacy will need $2.5 million 6 years from now to replace some equipment. Currently, the firm has some extra cash and would like to establish a savings account for this purpose. The account pays 6.4 percent interest, compounded semi-annually. How much money must the company deposit today to fully fund the equipment purchase? [Hint: Find PV]
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
Concise 6th Edition
324664559, 978-0324664553
