Question
Mimi, Inc., believes it will need $150,000 in ten years to expand its operations. Mimi can earn eight percent, compounded annually if it deposits its
Mimi, Inc., believes it will need $150,000 in ten years to expand its operations. Mimi can earn eight percent, compounded annually if it deposits its money right now. How large of a deposit must Mimi make in order to have the necessary $150,000 in ten years?
Use Excel or a financial calculator for computation. Round answer to the nearest dollar.
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Managerial Accounting
Authors: Susan V. Crosson, Belverd E. Needles
8th Edition
9780618777174, 618777180, 618777172, 978-0618777181
