A multinational security software company is planning an overseas expansion that will cost $51 million...
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A multinational security software company is planning an overseas expansion that will cost $51 million of today's dollars 3 years from now. Due to a robust economy in Europe, the cost is expected to increase by 12% per year in each of the next 3 years. Assuming the inflation rate is 4% per year, determine the required annual deposit into a fund that earns the market rate of 9% per year to ensure that the amount needed in 3 years will be available. The required annual deposit is $
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