The Knutson Corporation needs to save $15 million to retire a(n) $15 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 each year for 10 years. The Knutson Corporation expects to earn 10 percent annually on the money in this account. What equal annual contribution must the firm make to this account to accumulate the $15 million by the end of 10 years?

Question

03-09-2022
Mathematics

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The Knutson Corporation needs to save $15 million to retire a(n) $15 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 each year for 10 years. The Knutson Corporation expects to earn 10 percent annually on the money in this account. What equal annual contribution must the firm make to this account to accumulate the $15 million by the end of 10 years?

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