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M. Fields, Inc. wishes to accumulate $1,000,000 to be used to pay off a loan at the end of 10 years. How much will M.
M. Fields, Inc. wishes to accumulate $1,000,000 to be used to pay off a loan at the end of 10 years.
How much will M. Fields deposit each year for 10 years, beginning at the end of the first year, to accumulate the desired amount if the investment earns an annual rate of 12%? Round your answer to the nearest dollar.
Select the appropriate factor for your calculation:
Future Value of $1: 3.10585
Future Value of an Annuity of an Ordinary Annuity: 17.54874
$45,586 |
$33,334 |
$56,984 |
$26,432 |
Thank you guys!
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