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24 September, 13:40

Morris' company decided in the beginning of 2017 that they need to make $6,000,000 worth of improvements starting january 1, 2021. the company is planning to pay money into an account with 10% interest compounded annually. there will be four equal payments made annually at the beginning of each year. future value factors are as follows:

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  1. 24 September, 16:48
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    In order to determine the amount of the deposits, you must divide the overall amount needed by the future value of annuity due of 1 at 10% for 4 periods. $6,000,000 / 5.11 = $1,174,168.
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