How much does the bluebird company need to deposit

Reference no: EM13212446

The Mc Company has a $8,500 liability it must pay three years from today. The company is opening a savings account so that the entire amount will be available when this debt needs to be paid. The plan is to make an initial deposit today and then deposit an additional $2,500 a year for the next three years, starting one year from today. The account pays a 3% rate of return. How much does the Bluebird Company need to deposit today?

Reference no: EM13212446

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