Business, 01.04.2021 19:30 gizmo50245

A person desires to accumulate $2,500 over a period of 7 years so that a cash payment can be made for a new roof on a summer cottage (first payment at time-0, followed by 7 years of investment). To have this amount when it is needed, annual payments will be made to a savings account that earns 8% annual interest per year. How much must each annual payment be

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A person desires to accumulate $2,500 over a period of 7 years so that a cash payment can be made fo...