A group of 10 public-spirited citizens has agreed that they will support the local school hot lunch

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A group of 10 public-spirited citizens has agreed that they will support the local school hot lunch program. Each year one of the group is to pay the $15,000 cost that occurs continuously and uniformly during the year. Each member of the group is to underwrite the cost for one year. Slips of paper numbered year 1 through year 10 are put in a hat. As one of the group, you draw the slip marked year 6. Assuming an 8% nominal interest rate per year, how much do you need to set aside now to meet your obligation in year 6?

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