At the end of year 7 5000000 are used to cover an expense, Financial Management

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At the end of year 7 5000000 are used to cover an expense

Funds are saved during 10 years, the amount is $1 million at the begging of each year from now ( Meaning you will have 10 deposits at the end of the to years). The fund is expected to yield 3% per year compounded every 6 months. At the end of year 7 $5,000,000 are used to cover an expense. What will be the value of the fund at the end of year 10?

Please show all steps, no program or Excel solutions.

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Financial Management: At the end of year 7 5000000 are used to cover an expense

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Financial Management: At the end of year 7 5000000 are used to cover an expense

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