Blossom company wishes to accumulate $1600000 by May 1, 2033 by making 8 equal annual deposits beginning

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Blossom company wishes to accumulate $1600000 by May 1, 2033 by making 8 equal annual deposits beginning May1, 2025 to a fund paying 7% interest compounded annually.

What is the required amount of each deposit?

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Intermediate Accounting

ISBN: 9781264134526

11th Edition

Authors: David Spiceland

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Posted Date: Mar 23, 2024 05:11 AM

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Blossom company wishes to accumulate $1600000 by May 1, 2033 by making 8 equal annual deposits beginning

Question:

Expert Answer:

We can use the Future Value of an Annuity formula to calculate the required amount of each deposit F... View the full answer

Intermediate Accounting

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