E7-12. Future Value of a Deferred Annuity. Lenny Shafer Bakery and Co. budgeted $350,000 to build a factory 10 years from today. Shafer will finance the project by making six equal annual deposits of...

E7-13
	PMT	PERIOD	TYPE	INTEREST	PV
	20,000	8	1	4%	?
PV=	($140,041.09)

Extracted text: E7-12. Future Value of a Deferred Annuity. Lenny Shafer Bakery and Co. budgeted $350,000 to build a factory 10 years from today. Shafer will finance the project by making six equal annual deposits of $50,000 at the end of each year commencing four years from today. The company can invest in a financial instrument earn- ing 5%. Interest is compounded annually. Will Shafer have sufficient funds to pay for the $350,000 factory at the end of the 10-year period?