Contributions to the board-designated building

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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.)

Reference no: EM13864992

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