A city has constructed a transit system hub downtown it


A city has constructed a transit system hub downtown. It anticipated that in 20 years the hub will require renovation at a cost of $400,000. Rent for shops at the station is charged on an annual basis each year begining in year 1 and will increase by $50 each year following. Given the rent is deposited at the end of each year into an investment account earning 5% intrest. How much should the initial rent collected be (in year 1) to just cover the cost of the rehabilitation.

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Financial Management: A city has constructed a transit system hub downtown it
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