840-30-35FASB Topi ex 10+ Audit I 2 Book Comp\'. Digital Lear + Holter Co. Carpe

Question

840-30-35FASB Topi ex 10+ Audit I 2 Book Comp'. Digital Lear + Holter Co. CarpeNHone +Home-Aline Indep Restaurants Bards Internal Revenue SenYhoo W Employment United Intranet Logi oon bie & Fitch ad esearch ftret Help Save&Exit Fenland Co plans to retire $100 million in bonds in five years, so it wishes to fund a savings account at the beginning of each year during that period for which it expects to earn 8% annually. At the end of the five years, there will be enough money in the account to pay off the bonds what amount does Fenland need to invest each year? Mutiple Choice $17,045650 515,783,077 $23,190,400 Cannot be deseemined from the given informerion Prev 20of20 lll Noxt

Explanation / Answer

The correct option is 2 15783077 The explanation for the same is given below Explanation Through trial and error method of all the alternative Option 1 Option 2 Option 3 Year Answers 17045650 15783077 23190400 0 1 17045650 15783077 23190400 1 2.08 35454952 32828800.2 48236032 2 3.2464 55336998.16 51238181.2 75285314.56 3 4.50611 76809608.01 71120312.7 104498539.7 4 5.8666 100000026.7 92593014.7 136048822.9 5 6.33593 100000456 Alternative explanation Through Table =100000000/6.33593 15783002.65 Alternative explanation Through Excel Formula =PMT(8%,5,,100000000,1) -1,57,83,005.05

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