The Association of General Contractors (AGe) wished to establish an endowment fund of $1 million in 10

Question:

The Association of General Contractors (AGe) wished to establish an endowment fund of $1 million in 10 years for the Construction Engineering Technology Program at Grambling State University in Grambling, Louisiana. In doing so, the AGC established an escrow account in which 10 equal end-of year deposits that earn 7% were made. After seven deposits, the Louisiana legislature revised laws relating to the licensing fees Age can charge its members, with the result that there was no deposit at the end of Year 8. What must the amount of the remaining equal end-of-year deposits be sure that the $1 million is available to Grambling State for its Construction Engineering Technology Program?
Compound Interest
Compound interest (or compounding interest) is interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods on a deposit or loan. Thought to have originated in 17th century Italy, compound...