Durban Moving and Storage wants to have enough money available 5 years from now to purchase a new tractor-trailer. If the estimated cost is $250,000, how much should the company set aside each year if the funds earn 9% per year?
What will be an ideal response?
A = 250,000(A/F,9%,5)
= 250,000(0.16709)
= $41,772.50
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