Loadstar Sensors is a company that makes load/ force sensors based on capacitive sensing technology. For a major plant expansion project, the company wants to have $30 million 5 years from now. If the company already has $15 million in an investment account for the expansion, how much more must the company add to the account now so that it will have the $30 million 5 years from now? The funds earn interest at the rate of 10% per year.
What will be an ideal response?
P = 30,000,000(P/F,10%,5) – 15,000,000
= 30,000,000(0.6209) – 15,000,000
= $3,627,000
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