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question the board of directors of the texas drug corporation decides toestablish a 4283140

Question

The Board of Directors of the Texas Drug Corporation decides toestablish a fund to provide for the replacement of buildings at theend of 2015. Deposits to the fund are to made annually, beginningon December 31,2006. the first five deposits to be $50,000 each andthe remaining deposits to be equal amounts to produce a total fundof $500,000. It is expected that the fund will earn 5% compoundedannually.

1. How large will the fund be on December 31,2009, just afterthe deposit for that date?

2. How much will have to be deposited annually, 2011-2015, toraise the fund balance to 500,000 at the end of 2015?

NOTE: not looking for problem similar to this one. I am lookingfor answer to problem above and will only award points to thosethat do so.

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