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bazaltina [42]
3 years ago
12

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?
Business
1 answer:
solniwko [45]3 years ago
8 0

Answer:

240,000,000

Explanation:

Each year you would need to invest 240,000,000 into the saving account over a period of five years to get to the desired amount. If they are only putting in 12%of the retirement funds that would 14,400,000 and that would take about 8 years.

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