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  3. the gentle warming company is purchasing a new cooling system...

Question: the gentle warming company is purchasing a new cooling system...

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The Gentle Warming Company is purchasing a new cooling system. To pay for the system, the company agrees to make 12 installment payments of $6669 per year, beginning at the end of year 1. The company also has to pay a system fee of $2036 that will begin at the end of year 1 and decrease by $199 per year until the system is paid off. How much should the company set aside today to pay for the cooling system if the bank pays 3% per year compounded annually? Enter your answer as follows: 12345 Round your answer. Do not use a dollar sign ($), any commas () or a decimal point ().

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