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The Aggarwal Corporation needs to save $14 million to retire a(n) $14 million mortgage that...

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Finance

The Aggarwal Corporation needs to save $14 million to retire a(n) $14 million mortgage that matures in 19 years. To retire this mortgage, the company plans to put a fixed amount into an account at the end of each year for 19 years. The Aggarwal Corporation expects to earn 11 percent annually on the money in this account. What equal annual contribution must the firm make to this account to accumulate the $14 million by the end of 19 years?

The equal annual contribution the firm must make to this account is $

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