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A firm will need to buy some new pack mules in 5 years. These mules will cost a total of $3000. What lump sum should

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A firm will need to buy some new pack mules in 5 years. These mules will cost a total of $3000. What lump sum should the firm invest today at 8%, compounded annually, in order to be able to buy the mules? How much interest will be earned? Click here to view page 1 of the interest table for rate 7% Click here to view page 2 of the interest table for rate 7%. Click here to view page 1 of the interest table for rate 8%. Click here to view page 2 of the interest table for rate 8%. The firm should invest $ in order to be able to buy the mules. (Round to the nearest cent as needed.) The amount of interest earned is $ (Round to the nearest cent as needed.)

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