Starlite Industries will need $2.2 million 4.5 years from now to replace some equipment.Currently, the firm has some extra cash and would like to establish a savings account for this purpose.The account pays 3.6 percent interest, compounded annually.How much money must the company deposit today to fully fund the equipment purchase?
A)$1,679,947.20
B)$1,798,407.21
C)$1,350,868.47
D)$1,876,306.49
E)$1,412,308.18

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The Answer of Starlite Industries will need $2.2 million 4.5 years from now to replace some equipment.Currently, the firm has some extra cash and would like to establish a savings account for this purpose.The account pays 3.6 percent interest, compounded annually.How much money must the company deposit today to fully fund the equipment purchase?
A)$1,679,947.20
B)$1,798,407.21
C)$1,350,868.47
D)$1,876,306.49
E)$1,412,308.18

Starlite Industries Will Need $2