Mr. Albert is planning to adopt a charity foundation once he receives his money. He promised to donate annually to his chosen Charity Foundation to support the needs of the foster kids. The foundation will receive $15000 for the first six years $13000 for the next five years and $10000 for each year thereafter. The donation will start one year after he receives his money allotment. If the fund earns 8.5% interest, what is the amount of the donation?

Mr. Albert is planning to adopt a charity foundation once he receives his money. He promised to donate annually to his chosen Charity Foundation to support the needs of the foster kids. The foundation will receive $15000 for the first six years $13000 for the next five years and $10000 for each year thereafter. The donation will start one year after he receives his money allotment. If the fund earns 8.5% interest, what is the amount of the donation?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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