Problem regarding contingency fund


Question 1: If a company wants to have $100,000 in a contingency fund 10 years from now, the amount the company must deposit each year in years 1 through 5, at an interest rate of 10% per year, is closest to?

A. Less than $8,000

B. $8,420

C. $9,340

D. MORE THAN $10,000

Solution Preview :

Prepared by a verified Expert
Finance Basics: Problem regarding contingency fund
Reference No:- TGS01799498

Now Priced at $20 (50% Discount)

Recommended (96%)

Rated (4.8/5)