An investment allows for end-of-year payments that grow by 3% per payment for 20 years, starting with

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An investment allows for end-of-year payments that grow by 3% per payment for 20 years, starting with $2000 at the end of the first year. If the payments earn 4% compounded annually, how much was invested at the beginning?

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Question Posted: Feb 26, 2016 04:01 AM

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An investment allows for end-of-year payments that grow by 3% per payment for 20 years, starting with

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Contemporary Business Mathematics with Canadian Applications

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