Based on the number of computers ordered by the company, the cost, and the account interest, the amount that the company should deposit to be able to pay for the computers is $7,949.98.
First, find the total cost of the computers ordered by the company:
= Number of computers x Cost per computer
= 5 x 1,700
= $8,500
This means that the company needs to deposit an amount of money today that will grow to be $8,500 in 11 months time to enable them to pay off the cost of the computers.
That amount will be:
Future value = Amount to deposit x ( 1 + rate) ^ number of periods
8,500 = Deposit amount x ( 1 + 7.32%) ¹¹
Deposit amount = 8,500 / 1.0691844627036943510494002859615
Deposit amount = $7,949.98
In conclusion, the company needs to deposit $7,949.98 to be able to pay for the computers.
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