A municipality wishes to set aside enough of its annual allocation of the property taxes to finance a $10,000,000 road project scheduled for contract in three years. If the annual deposit can be invested at 8%, how much should be deposited at the end of year year for three years to meet the $10,000,000goal. Assume that all three payments are equal. Round your answer to the nearest hundred (i.e., 12,345 =12,300), and enter your answer without a comma. For example, if your answer is 12,300 , enter "12300" (without the quotes).

Q&A Education