Problem
The Association of General Contractors (AGC) is endowing a fund of $1 million for the Construction Engineering Technology Program at Grambling State University. The AGC established an escrow account in which 10 equal end-of-year deposits that earn 7% compound interest were to be made. After seven deposits, the Louisiana legislature revised laws relating to the licensing fees AGC can charge its members, and there was no deposit at the end of Year 8. What must the amount of the remaining equal end-of-year deposits be, to ensure that the $1 million is available on schedule for the Construction Engineering Technology Program?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.