Question: 23. CorBloc Ltd. is setting up a fund to pay back a $22,000,000 debt in 18 years. To accumulate this money they will make equal

23. CorBloc Ltd. is setting up a fund to pay back

23. CorBloc Ltd. is setting up a fund to pay back a $22,000,000 debt in 18 years. To accumulate this money they will make equal annual deposits at the beginning of each year into a fund earning 9% compounded quarterly. What will be the size of the annual deposits? Round your answer to the nearest whole dollar. (4 marks)

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