Question
On January 15, 2010, ABC Corp. adopted a plan to accumulate funds for environmental improvements beginning July 1, 2014, at an estimated cost of $4,000,000.
On January 15, 2010, ABC Corp. adopted a plan to accumulate funds for environmental improvements beginning July 1, 2014, at an estimated cost of $4,000,000. ABC plans to make four equal annual deposits in a fund that will earn interest at 10% compounded annually. The first deposit was made on July 1, 2010. ABC should make four annual deposits of ?
I got 1,117,354 for my answer I just want to see if its correct
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Internal Auditing Assurance And Advisory Services
Authors: Kurt R. Reding, Paul J. Sobel, Urton L. Anderson, Michael J. Head, Sridhar Ramamoorti, Mark Salamasick, Cris Riddle
5th Edition
1634541367, 978-1634541367
