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What is the amount that you put into the account each year

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Reference no: EM132967640

Question - You work for a minor league baseball team and need to renovate the concession stand in the concourse. The renovations will cost $370,000, and you negotiate a deal where you do not need to pay for them until 7 years from now (i.e., at the end of year 7). But, you need to put money into an account every year until then, at the end of each year, all for the same amount. By the end, it must be worth the full $370,000. You will assume a 6.6% rate. What is the amount that you put into the account each year?

Reference no: EM132967640

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