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Alex_Xolod [135]
3 years ago
14

Williamsburg Nursing Home is investing in a restricted fund for a new assisted-living home that will cost $6 million. How much m

oney do they need to invest each year to have $6 million in fifteen years? If the expected rate of return on the investment is 10%, and the hospital invests at the end of each year?
Business
1 answer:
Digiron [165]3 years ago
3 0

Answer:

Annual deposit= $188,842.66

Explanation:

Giving the following information:

Williamsburg Nursing Home is investing in a restricted fund for a new assisted-living home that will cost $6 million.

n= 15 years

i= 10%

We need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (6,000,000*0.10)/[(1.10^15)-1]

A= $188,842.66

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