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On June 1, 2010, a company begins making equal annual deposits into a fund to provide $15,000 a year for five successive years with which
On June 1, 2010, a company begins making equal annual deposits into a fund to provide $15,000 a year for five successive years with which to retire a bond issue. The fund earns interest at an effective annual rate of 3%. The last deposit into the fund is made on June 1, 2020. The first bonds are redeemed June 1, 2020. In which of the following ranges is the amount of the annual deposit? Possible Answers A $4600 but $5400 but
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