Question: Chapter 6, Section 6.5, Question 016 Your answer is incorrect. Try again. Your company needs $500, 000 in two years' time for renovations and can

Chapter 6, Section 6.5, Question 016 Your answer is incorrect. Try again. Your company needs $500, 000 in two years' time for renovations and can earn 6% interest on investments. (a) What is the present value of the renovations? Present value = 942329.7 dollars. (b) If your company deposits money continuously at a constant rate throughout the two-year period, at what rate should the money be deposited so that you have the $500, 000 when you need it? 1062473.8 should be deposited per year to have $500, 000 in two years' time

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