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What is the annual deposit required

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Reference no: EM131941626

A sinking fund involves a series of uniform deposits of $R made into an account at the end of each interest period.

A sinking fund is to be created, with the same deposit at the end of each of ten years, to yield the following progress payments for a transport construction project:

Year 10 $10 million

Year 11 $10 million

Year 12 $10 million

Year 13 $30 million

What is the annual deposit required, if interest rate is 10%?

Reference no: EM131941626

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