Problem:
A restaurant owner wants to buy new kitchen equipment for $25,000. He would like to pay for it through saving up $2,000 a week in a fund that pays 10% interest compounded monthly. How long should he wait to save the entire amount?
Required:
Question: Find the future value of an annuity of $2,615 payable monthly for 3.5 years that starts after 3 months. The interest rate would be 7%.
Note: Please show guided help with steps and answer.