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Shanklin company issued bonds

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At the beginning of 2010, Shanklin Company issued 10 year bonds with a face value of $1,000,000 due on December 31, 2019. The company wants to accumulate a fund to retire these bonds at maturity by making annual deposits beginning on December 31, 2010.

Required:
How much must the company deposit each year, assuming that the fund will earn 12% interest a year compounded annually?

Reference no: EM13873862

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