Your company needs $500,000 in two years time for renovations and can earn 9% interest

Chapter 6, Problem 14

(choose chapter or problem)

Your company needs $500,000 in two years time for renovations and can earn 9% interest on investments. (a) What is the present value of the renovations? (b) If your company deposits money continuously at a constant rate throughout the two-year period, at what rate should the money be deposited so that you have the $500,000 when you need it?

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