Compounded annually to pay for future training obligation

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Reference no: EM131308301

Holly & Daughters, Inc. knows it will need to begin making an investment in training its employees in order to stay current on technological advances. The company anticipates it will send several employees to specialized training each year for the next 7 years. The training is estimated to have an annual cost of $22850, with costs increasing by a uniform percentage of 9% per year. How much should the company deposit today, in an account paying 1% per year compounded annually, to pay for this future training obligation?

Reference no: EM131308301

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