Please NO handwriting, please! Please show me the "EQUATION", and the "NAME of the formula" and the answer.

9. [0/1 Points] DETAILS PREVIOUS ANSWERS SMITHNM13 11.6.047. 1/6 Submissions Used MY NOTES ASK YOUR TEACH Melissa agrees to contribute $500 to the alumni fund at the end of each year for the next 7 years. Shannon wants to match Melissa's gift, but he wants to make a lump-sum contribution. If the current interest rate is 2.5% compounded annually, how much should Shannon contribute to equal Melissa's gift? (Round your answer to the nearest cent.) $ 2,322.92 X Need Help? Read It Submit