Question: Will would like to set up a fund that will provide 8 annual payments so that each successive payment increases by 9%. Determine the amount

Will would like to set up a fund that will provide 8 annual payments so that each successive payment increases by 9%. Determine the amount he must deposit into the fund today if the first annual payment (in one year from now) is $3000 and the fund earns interest at:

(a) = 2.5% Answer: $

(b) = 11% Answer: $

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