Business, 03.09.2020 03:01, Mayrah7486

Fenland Co. plans to retire $120 million in bonds in five years, so it wishes to fund a savings account at the beginning of each year during that period for which it expects to earn 12% annually. At the end of the five years, there will be enough money in the account to pay off the bonds. What amount does Fenland need to invest each year?

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Fenland Co. plans to retire $120 million in bonds in five years, so it wishes to fund a savings acco...