Goods lawfully bearing trademarks or using patents and copyrighted material but entering the American markets without authorizat
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Answer:
contest sponsors have to deposit $6795163.17 in the escrow account
Explanation:
given data
amount = $10 million
time = 20 year
rate = 4 %
to find out
how much do the contest sponsors have to deposit in the escrow account
solution
we know Cash flow per period = 10000000/20 = $500000
we will apply here future value formula to find amount
future value = cash flow ×
here r is rate and t is time
put here value
future value = 500000 ×
future value = 6795163.1724
so contest sponsors have to deposit $6795163.17 in the escrow account