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How much must shanklin deposit each year

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Reference no: EM132069538

Question - Fund to Retire Bonds

At the beginning of 2016, Shanklin Company issued 10-year bonds with a face value of $1,000,000 due on December 31, 2025. Shanklin wants to accumulate a fund to retire these bonds at maturity by making annual deposits beginning on December 31, 2016.

Required: How much must Shanklin deposit each year, assuming that the fund will earn 12% interest a year compounded annually?

Reference no: EM132069538

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