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Compute the annual contribution to the fund

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Reference no: EM132885475

The bond indenture requires an accumulation of funds of P5,000,000 in 5 years. The first annual contribution to the fund is made on December 31, 2020, and every December 31 thereafter. The interest cost is 10%.

The table of present value and the future amount shows the following factors:

  • Present value of an ordinary annuity of 1 at 10% for 5 periods 3.7908
  • Future amount of an ordinary annuity of 1 at 10% for 5 periods 6.1051

Required:

Problem 1. Compute the annual contribution to the fund.

Problem 2. Prepare a schedule of the fund accumulation

Reference no: EM132885475

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