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Business, 25.01.2020 15:31 Svetakotok

The aggarwal corporation needs to save $10 million to retire a $10 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, with the first payment occuring at the end of 1 year. the aggarwal corporation expects to earn 9 percent annually on the money in this account. what equal annual contribution must it make to this account to accumulate the $10 million in 10 years?

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