[Solved] Fenland Co

Question 74
Multiple Choice

Fenland Co.plans to retire $100 million in bonds in five years,so it wishes to create a fund by making equal investments at the beginning of each year during that period in an account it expects to earn 8% annually.What amount does Fenland need to invest each year?

A)$15,783,077.
B)$17,045,650.
C)$23,190,400.
D)Cannot be determined from the given information.

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