Firms manufacturing division can contribute

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Merritt Manufacturing needs to accumulate $15 million to retire a bond issue that matures in 12 years. The firm's manufacturing division can contribute 100,000$ per quarter to an account that will pay 2% quarterly. How much will the remaining divisions have to contribute every month to a second account that pays .5% per month in order to reach the 15$ million goal?

a) 47,615.82

b) 70,646.50

c) 33,627.73

d) 84,029.15

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Reference no: EM131006397

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