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How much will be deposited into the fund

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Question - A company obtains a loan of 5 million pesos that it must liquidate after 6 years. The Board of Directors decides that equal annual reserves should be made in order to pay the debt at the time of maturity. If the fund's money can be invested in a way that produces 6.5% interest, how much will be deposited into the fund to accumulate $5,000,000.00 after 6 years?

Reference no: EM132573507

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