Ando Company earns 11% on an investment that pays back $660,000 at the end of each of the next 5 years. Ando finance department has the following values related to the time value of money to help in its planning process and compounded interest decisions. $\begin{array}{ll}
\text { Present value of } 1 \text { for } 5 \text { periods at } 11 \% & 0.59345 \
\text { Future value of } 1 \text { for } 5 \text { periods at } 11 \% & 1.68506 \
\text { Present value of an annuity of } 1 \text { for } 5 \text { periods at } 11 \% & 3.69590 \
\text { Future value of an annuity of } 1 \text { for } 5 \text { periods at } 11 \% & 6.22780
\end{array}$ To the closest dollar, what is the amount Ando invested to earn the 11% rate of return?

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The Answer of Ando Company earns 11% on an investment that pays back $660,000 at the end of each of the next 5 years. Ando finance department has the following values related to the time value of money to help in its planning process and compounded interest decisions. $\begin{array}{ll}
\text { Present value of } 1 \text { for } 5 \text { periods at } 11 \% & 0.59345 \
\text { Future value of } 1 \text { for } 5 \text { periods at } 11 \% & 1.68506 \
\text { Present value of an annuity of } 1 \text { for } 5 \text { periods at } 11 \% & 3.69590 \
\text { Future value of an annuity of } 1 \text { for } 5 \text { periods at } 11 \% & 6.22780
\end{array}$ To the closest dollar, what is the amount Ando invested to earn the 11% rate of return?

Ando Company Earns 11% on an Investment That Pays Back