Question: Present Value and Future Value Lloyd Inc. estimates that it will need $150,000 in 9 years to expand its manufacturing facilities. A bank has agreed

Present Value and Future Value

Lloyd Inc. estimates that it will need $150,000 in 9 years to expand its manufacturing facilities. A bank has agreed to pay Lloyd 6% interest compounded annually if the company deposits the entire amount now needed to accumulate $150,000 in 9 years.

Use the appropriate present or future value table:

FV of $1, PV of $1, FV of Annuity of $1 and PV of Annuity of $1

Required:

How much money does Lloyd need to deposit now? Be sure to use all digits shown on the table and round your answer to a whole dollar. $

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