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Question - Pancake Company has budgeted $320,000 to build a new factory 10 years from today. Turbo Tank will finance the project by making seven annual deposits of $47,000 into a savings fund at the end of each year that commences at the end of year 4. The company's interest rate is 7%.
Requirement -
Turbo Tank have sufficient funds to pay for the $ 320000 factory at the end of the 10 year period?
Will Turbo Tank have sufficient funds to pay for the $320,000 factory at the end of the 10-year period?
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