Question: Show work using excel. A small manufacturer agrees to pay $450,000 three years from now to a supplier for a given amount of raw material.
Show work using excel.
A small manufacturer agrees to pay $450,000 three years from now to a supplier for a given amount of raw material. The manufacturer plans to deposit a fixed amount in a bank account every three months, starting three months from now, so that at the end of the three years the account holds $450,000. If the account pays an EAR of 9.31%, how much must be deposited every three months
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
