What is the required amount of each deposit

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Reference no: EM131221705

Use the following 8% interest factors. Present Value of Ordinary Annuity Future Value of Ordinary Annuity 7 periods 5.2064 8.92280 8 periods 5.7466 10.63663 9 periods 6.2469 12.48756 Korman Company wishes to accumulate $1,000,000 by May 1, 2025 by making 8 equal annual deposits beginning May 1, 2017 to a fund paying 8% interest compounded annually. What is the required amount of each deposit?

a. $87,051

b. $94,016

c. $100,780

d.$174,016

Reference no: EM131221705

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