Norton Dog Care Co. wants to finance a new animal shelter by making eight annual deposits into a fund earning 7% compounded annually. The first four deposits are $20,000 each and will be paid at the end of the next four years. The last four deposits are $30,000 each and will be paid at the end of the last four years. What is the cost of the new animal shelter?.

1. Norton Dog Care Co. wants to finance a new animal shelter by making eight annual deposits into
a fund earning 7% compounded annually. The first four deposits are $20,000 each and will be paid
at the end of the next four years. The last four deposits are $30,000 each and will be paid at the
end of the last four years. What is the cost of the new animal shelter?