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How much will parker need to deposit

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Problem 1: Parker Corporation is planning to break ground on a new factory. The factory will require an initial cash outlay of $5,000,000 which will be due in July 2023 (five years). How much will Parker need to deposit, or set a-side every quarter, for the next 5 years (20 quarters), in an account that earns 9.35%, in order to have the funds available for this outlay (investment).

a. 190,136.22
b. 194,303.22
c. 195,958.04
d 198,958.04

Reference no: EM132929497

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