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The Knutson Corporation needs to save $1515 million to retire a(n) $1515 million mortgage that matures in 1010 years. To retire this mortgage, the company plans to put a fixed amount into an account at the end of each year for 1010 years. The Knutson Corporation expects to earn 1010 percent annually on the money in this account. What equal annual contribution must the firm make to this account to accumulate the $15 million by the end of 1010 years?

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Financial Management, Finance

Category:- Financial Management
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