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Question 4 (6 points) PROBLEM 2 (6 marks): The Assiniboine River Paper Company has decided to build a new warehouse in 242 years from now.
Question 4 (6 points) PROBLEM 2 (6 marks): The Assiniboine River Paper Company has decided to build a new warehouse in 242 years from now. The company must accumulate $600,000 by the end of the 272 year-period by putting aside an equal amount from its revenue at the end of each month. The company has a savings account at the Bank of Winnipeg that carries an interest rate of 6 percent, compounded monthly. How much money should the company put into its saving account each month to reach its goal? The money deposits will remain in the company's savings account at the end of the savings period. Your work must include a cash flow diagram and use interest factors from Appendix A of the course textbook
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