Drucci Corp, estimates it will need $2 million to pay for environmental cleanup costs on one of its mines when the mines closes in six years. It wants to make six annual payments , starting today so that it can accumulate the $2 million at the end of six years. What is the amount of the annual payment if the funds can be invested at an 8% return?

Answer rating: 100% (QA)

To find the amount of the annual payment needed to accumulate 2 ... View the full answer