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How much must Shanklin deposit each year

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Problem - Fund to Retire Bonds - At the beginning of 2019, 2019, Shanklin Company issued 10 -year bonds with a face value of $1,000,000 due on December 31, 2028. Shanklin wants to accumulate a fund to retire these bonds at maturity by making annual deposits beginning on December 31, 2019.

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

Reference no: EM132882942

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