The Cora Corporation wants to accumulate $6,000,000 for plant expansion. The owner needs the funds on January
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The Cora Corporation wants to accumulate $6,000,000 for plant expansion. The owner needs the funds on January 1, 2027. Cora intends to make six equal annual deposits in a fund that will earn interest at 5% compounded annually. The first deposit is to be made on January 1, 2021. What is the amount of the required annual deposit?
$840,099.82
$882,104.81
$736,918.91
$701,827.53
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