How much money the city should deposit

Reference no: EM133437822

Question: The city where the bakery is located is trying to build a new bridge. The initial cost to build the bridge is $25,000,000. After that, the city expects to spend $850,000 per year in maintenance for the bridge. How much money the city should deposit in an investment account with 6% interest rate in order to always have money to cover the cost of this bridge. (assuming no cost change)?

Reference no: EM133437822

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