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Sandhill Limited needs to set aside cash for the replacement of a robot in its assembly line 10 years from today. Sandhill will earn 8%
Sandhill Limited needs to set aside cash for the replacement of a robot in its assembly line 10 years from today. Sandhill will earn 8% on the cash it will set aside. Sandhill needs to know how much it should set aside at the end of each year to accumulate $645,000. Calculate the amount Sandhill needs to invest at the end of each year to replace the robot 10 years from today. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round final answer to 2 decimal places, e.g. 5,275.25.) Click here to view Table A.2 - PRESENT VALUE OF 1 - (PRESENT VALUE OF A SINGLE SUM) Click here to view Table A.4 - PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 Amount to be invested $
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