139,596 views
15 votes
15 votes
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?

User DRayX
by
3.2k points

1 Answer

23 votes
23 votes

Answer: 941,180.92

Step-by-step explanation: sorry if it is wrong.

User Ivo Stoyanov
by
2.8k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.