Blossom Limited needs to set aside cash for the replacement of a robot in its assembly line 8 years from today. Blossom will earn 8% on the cash it will set aside. Blossom need to know how much it should set aside at the end of each year to accumulate $640,000.

Of the variables listed in the dropdown, choose the variable being calculated?

Interest rate Amount of annuity payment Number of periods Future value Present value

Fill in the remaining variables in the table that follows.

Variable		Financial Calculator or Tables		Excel
Present value		PV		PV		$
Future value		FV		FV		$
Interest rate		I		Rate			%
Amount of annuity payment		PMT		PMT		?
Number of periods		N		Nper

eTextbook and Media

Calculate the amount Blossom needs to invest at the end of each year to replace the robot 8 years from today. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round final answer to 2 decimal places, e.g. 5,275.25.)

Amount to be invested

$