How long should owner wait to save the entire amount

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A restaurant owner wants to buy new kitchen equipment for $25,000. He would like to pay for it through saving up $2,000 a week in a fund that pays 10% interest compounded monthly. How long should he wait to save the entire amount?

Find the future value of an annuity of $2,615 payable monthly for 3.5 years that starts after 3 months. The interest rate would be 7%.

Reference no: EM13327141

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