A chip manufacturing company wants to have $10 million available 5 years from now in order to
Question:
A chip manufacturing company wants to have $10 million available 5 years from now in order to build new warehouse and shipping facilities. If the company can invest money at 10% per year, the amount that it must deposit each year in years 1 through 5 to accumulate the $10 million is closest to:
(a) $1,638,000
(b) $2,000,000
(c) $2,638,000
(d) $2,938,000
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