Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 05 May 2018 My Price 6.00

board-designated building

Gulf Shores has a board-designated building fund to pay for projected facility renovations starting in eight year and lasting for four years (at t = 8, 9, 10, and 11). Current building renovation costs are estimated to be $14,500,000 a year, but they are expected to increase at a rate of 3.5 percent a year. So far, Gulf Shoreshas accumulated $15,000,000 (at t = 0). Gary's long-run financial plan is to add $5,000,000 in each of the next four years (at t = 1, 2, 3, and 4). Then, he plans to make annual contributions in each of the following three years (t = 5, 6, and 7).

 

Gary will invest the contributions to the board-designated building fund in CDs. How much will the equal annual contributions in years 5, 6, and 7 have to be to ensure the Center will have sufficient funds to pay for projected facility renovations? (Use the CD interest rate offered by the bank you selected for a CD in question 1.) (Hint: Use a time line to lay out the year 0-4 and 8-11 annual cash flows and then use Goal Seek in Excel to solve for the year 5-7 cash flows.)                                    

 

 

Sun Trust Bank
 

Nominal

Effective

CDs

6.00%

6.17%

Answers

Maurice Tutor
(5)
Status NEW Posted 05 May 2018 05:05 PM My Price 6.00

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