Fattie Limited wishes to make some savings to replace an existing machine with a better model at a cost of ₦10,000,000 in 7 years’ time. Assuming that the current rate of interest is 9% per annum, what fixed annual amount must the company set aside at the end of each year to achieve its target?
A. ₦1,053,926.50
B. ₦1,064,956.50
C. ₦1,075,926.52
D. ₦1,086,956.52
E. ₦1,093,926.50