How much must the company deposit each year, Financial Accounting

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How much must the company deposit each year

Response to the following problem:

Fund to Retire Bonds At the beginning of 2010, Shanklin Company issued 10-year bonds with a face value of $1,000,000 due on December 31, 2019. The company wants to accumulate a fund to retire these bonds at maturity by making annual deposits beginning on December 31, 2010.

Required

How much must the company deposit each year, assuming that the fund will earn 12% interest a year compounded annually?

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Financial Accounting: How much must the company deposit each year

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Financial Accounting: How much must the company deposit each year

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