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What should be the required initial investment

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Problem

Sandstone Corporation wants to withdraw $100,000 from an investment fund at the end of each year for 9 years. What should be the required initial investment at the beginning of the first year if the fund earns 11%?

11% Interest Table Factors

Period

Present Value of $1 (Table 6-2)

Present Value of an Ordinary Annuity of $1 (Table 6-4)

6

.53464

4.23054

7

.48166

4.71220

8

.43393

5.14612

9

.39092

5.53705

10

.35218

5.88923

Reference no: EM131795581

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