1 answer

A chip manufacturing company wants to have $10 million available five years from now in order...

Question:

A chip manufacturing company wants to have $10 million available five years from now in order to build new warehouse and ship
A chip manufacturing company wants to have $10 million available five years from now in order to build new warehouse and shipping facilities. If the company can invest money at 10% per year, the amount that it must deposit each year in years 1 through 5 to accumulate the $10 million is closest to Multiple Choice $1,638,000 $2,000,000 0 $2,638,000 0 $2.938,000

Answers

answer

16,38,000

Explanation:

FV=A ((1+r)^n -1)/r

1,00,00,000 = a((1+0.10)^5-1)/0.10

1,00,00,000= A(6.1051)

1,00,00,000/6.1051= A

A=1637974

.

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