A city has constructed a transit system hub downtown. It anticipated that in 20 years the...

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 1and 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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jeff jeffy answered 1 year ago

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