A mining company is required to repair the environmental damage it has caused once it ceases operations.
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Question:
A mining company is required to repair the environmental damage it has caused once it ceases operations. The company expects that it will need an amount of $25.1 million in ten year's time to carry out the rectification work. It will make equal monthly deposits into an investment account that earns interest at 6.4% p.a. compounded monthly, beginning at the end of this month. How much should each deposit be?
(Give you answer to the nearest cent, ignoring the dollar sign.)
Related Book For
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
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