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Fenland Co. plans to retire $100 million in bonds in five years, so it wishes...

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Question

Accounting

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. $23,190,400

B. The amount can't be determined from the given information.

C. 15,783,077

D. $17,045,650

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