Problem 9-20
The Association of General Contractors (AGC) isendowing a fund of $1 million for the ConstructionEngineering Technology Program at GramblingState University. The AGC established an escrowaccountin which 10 equal end-of-year deposits thatearn 7% compound interest were to be made. Afterseven deposits, the Louisiana legislature revisedlaws relating to the licensing fees AGC can chargeits members, and there was no deposit at the endof Year 8. What must the amount of the remainingequal end-of-year deposits be, to ensure that the $1million is available on schedulefor the ConstructionEngineering Technology Program?
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