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Bob Sarto Motor Company Wants to Accumulate $1,800,000 to Pay

Question 22

Essay

Bob Sarto Motor Company wants to accumulate $1,800,000 to pay off an equipment loan due in 5 years.
How much should Bob Sarto Motor Company deposit today if the bank pays 6% interest compounded annually?

Correct Answer:

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N = 5 I/ Y = 6 PV = ...

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