6. Holcim Cement plans to buy equipment that costs $560,000 to expand its production in 6 years. If the company sets aside $65,000 now and $100,000 in year 3, what uniform annual amount will it have to put in an account in years 4 through 6 to have the $560,000? Assume the account earns interest at 9% per year, compounded semiannually.

6. Holcim Cement plans to buy equipment that costs $560,000 to expand its production in 6 years. If the company sets aside $65,000 now and $100,000 in year 3, what uniform annual amount will it have to put in an account in years 4 through 6 to have the $560,000? Assume the account earns interest at 9% per year, compounded semiannually.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 19P

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