Suppose you plan to work right after you graduate but still

Suppose you plan to work right after you graduate, but still save money for grad school. You decide to save $18,000 before starting, and find a weekly annuity that pays 7% interest for 4 years. How much will you need to pay each week? Round to the nearest cent. A weekly payment of $ would be necessary.

Solution

amount*time*rate of interest is given the payment we want

payment=18000*4*7/100=5040