A town wishes to build a new school that will cost $15,000,000. The school is to be built in 10 years. The town will provide funding for the new school by depositing a uniform amount into an investment fund paying 5% per year, compounded annually. How much must be set aside in each of the 10 years to provide for the new school?

Annual deposit= $1,192,568.62

Explanation:

Giving the following formula:

Future Value= $15,000,000

Number of periods= 10 years

Interest rate= 5% compounded annually

To calculate the annual deposit, we need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (15,000,000*0.05) / [(1.05^10) - 1]

A= $1,192,568.62

there's 11 people for the 1st position. then, no matter who gets it, there's only 10 left for the second, and then 9 left for the third. 11 x 10 x 9 = 990.   the answer is there are 990 different ways the positions can be filled by these applicants