Lima Nursing Home is investing in a restricted fund for a new assisted living home that will cost $16 million. How much does it need to invest each year to have $16 million in fifteen years:
a. If the expected rate of return on the investment is 7 percent, and the hospital invests at the end of each year?
b. If the expected rate of return on the investment is 7 percent, and the hospital invests at the beginning of each year?
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