Home / Questions / Jeffrey Inc. estimates that it will need $250,000 in 6 years to expand its manufacturing f
Jeffrey Inc. estimates that it will need $250,000 in 6 years to expand its manufacturing facilities. A bank has agreed to pay Jeffrey 5% interest compounded annually if the company deposits the entire amount now needed to accumulate $250,000 in 6 years. Use the appropriate present or future value table: FV of.$1. PV of $1, FV of Annuity of $1 and PV of Annuity of $1 How much money does Jeffrey need to deposit now? Be sure to use all digits shown on the table and round your answer to a whole dollar.
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