At the beginning of 2017, Lisa Co. issued bonds with a face value of $700,000 due on December 31, 2023. The company desires to accumulate a fund to retire these bonds at maturity by making equal annual deposits beginning on December 31, 2017.
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Required:
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Compute the amount that the company must deposit at the end of each year, assuming that the fund will earn 10% interest a year compounded annually and seven deposits are made.
What will be an ideal response?
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FVO | = C× (fOn = 7, i = 10%) |
$700,000 | = C× 9.487171 |
C |  |
C | = $73,784 |
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