In order to have $48,000 available in 10 years' time for the purchase of a replacement machine,

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In order to have $48,000 available in 10 years' time for the purchase of a replacement machine, a firm decides to make 10 equal annual deposits in a fund earning 7% per annum compounded annually. If the first deposit is made immediately, how much should each deposit be?

a. $3,717.31

O b. $3,246.84

O c. $3,474.12

d. $6,834.12

Posted Date: May 17, 2024 01:03 PM

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In order to have $48,000 available in 10 years' time for the purchase of a replacement machine,

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