Skyline Industries Will Need $1

question 9

Multiple Choice

Skyline Industries will need $1.8 million 5 years from now to replace some equipment.Currently,the firm has some extra cash and would like to establish a savings account for this purpose.The account pays 5.25 percent interest,compounded annually.How much money must the company deposit today to fully fund the equipment purchase?

• A)$1,279,947.20
• B)$1,298,407.21
• C)$1,350,868.47
• D)$1,393,676.52
• E)$1,412,308.18

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