On January 1, 2015, Canden Company started to make annual deposits in order to accumulate $1,000,000 by
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Question:
On January 1, 2015, Canden Company started to make annual deposits in order to accumulate $1,000,000 by January 1, 2019. This fund will earn annual interest of 9%.
Required:
What are the four annual deposits that Canden should make at the beginning of each year. Round your answers to the nearest whole dollar.
I = 9% N = 4 R = FV/FVF
= 1,000,000/4.9847 = 200,614
The Canden company needs to make four annual deposits of $200,614.
Hello this was one our exercice from last week, bur I am not able to understand where the "4.9847" coming from. Can you help me?
Expert Answer:
Answer It seems like you were trying to calculate the annual deposits that Canden Co... View the full answer
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