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Transcript of Finance Project
The Aggarwal Corporation needs to save $10M to retire a $10 million mortgage that matures in 10 years. To retire this mortgage, the company plans to put a fixed amount into an account at the end of the year for the 10 years, with the first payment occurring at the end of 1 year. The Aggarwal Corporation expects to earn 9% annually on the money in this account. What equal annual contribution must it make to this account to accumulate the $10 million in 10 years.
Future value of an annuity:
Sarah M. Liptak
This is less than $1M, because
Aggarwal will earn interest on