I need correct answer for n= and deposit= Johnstone needs to accumulate sufficie

Question

I need correct answer for n= and deposit=

Johnstone needs to accumulate sufficient funds to pay a S560.000 debt that comes due on December 31, 2021. The company will accumulate the funds by making five equal annual deposits to an account paying 8% interest compounded annually. Determine the required annual deposit if the first deposit is made on December 31, 2016.On January 1, 2016, Johnstone leased an office building. Terms of the lease require Johnstone to make 10 annual lease payments of $136,000 beginning on January 1, 2016. An 11% interest rate is implicit in the lease agreement. At what amount should Johnstone record the lease liability on January 1, 2016, before any lease payments are made?

Explanation / Answer

Answer: 2

Working Note

Answer: 3

Working

Table or calculator function FVAD of $ 1 Future Value 560000 n 5 i 8% Deposit $88,385

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