present Value and Future Value Joshua Inc. estimates that it will need $225,000 in 9...
70.2K
Verified Solution
Link Copied!
Question
Accounting
present Value and Future Value
Joshua Inc. estimates that it will need $225,000 in 9 years to expand its manufacturing facilities. A bank has agreed to pay Joshua 6% interest compounded annually if the company deposits the entire amount now needed to accumulate $225,000 in 9 years.
Use the appropriate present or future value table:
FV of $1, PV of $1, FV of Annuity of $1 and PV of Annuity of $1
Required:
How much money does Joshua need to deposit now? Be sure to use all digits shown on the table and round your answer to a whole dollar. $_____________________
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
