Jared corp needs $900,000 for an expansion in 10 years. the company will make 10 equal annual deposits to fund this expansion. if the account earns 5% interest, how much does jared need to deposit each year?

The formula of the future value of an annuity ordinary is

Fv=pmt [ (1+r) ^ (n) - 1) : r]

Fv 900000

PMT annual deposits?

R interest rate 0.05

N time 10 years

Solve the formula for PMT

PMT=Fv:[ (1+r) ^ (n) - 1) : r]

PMT=900,000: (((1+0.05) ^ (10) - 1)

: (0.05))

=71,554.12