Squire Company will have to repay its $10,000,000 bonds on January 1,2035 ....
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Squire Company will have to repay its $10,000,000 bonds on January 1,2035 . On January 1,2024 , Squire decides to deposit $3,000,000 in a sinking fund and to make additional deposits each year beginning January 1,2025, including the final year 2035, in order to have enough cash to repay them. The deposits will earn 6% throughout the period. How much will Squire need to deposit each year
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Squire Company will have to repay its $10,000,000 bonds on January 1,2035 . On January 1,2024 , Squire decides to deposit $3,000,000 in a sinking fund and to make additional deposits each year beginning January 1,2025, including the final year 2035, in order to have enough cash to repay them. The deposits will earn 6% throughout the period. How much will Squire need to deposit each year 