A debt of $5000 can be repaid, with interest at 8%, by the following payments. Year Payment
Question:
A debt of $5000 can be repaid, with interest at 8%, by the following payments.
Year Payment
1 $ 500
2 1000
3 1500
4 2000
5 X
The payment at the end of the fifth year is shown as X. How much is X?
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The first four payments will repay a present su...View the full answer
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