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Business, 28.10.2019 18:31 queenb1416

(compound value) the aggarwal corporation needs to save $13 million to retire a $13 million mortgage that matures in 13 years. to retire this mortgage, the company plans to put a fixed amount into an account at the end of each year for 13 years, with the first payment occurring at the end of 1 year. the aggarwal corporation expects to earn 13 percent annually on the money in this account. what equal annual contribution must it make to this account to accumulate the $ 13 million in 13 years? in order to retire a $13 million mortgage that matures in 13 years, what equal end-of-year contribution must the aggarwal corporation make to an account that earns 13 percent annually?

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