1.2.What is the equal-payment series for 10 years that is equivalent to a payment series starting with $12,000 at the end of the first year and decreasing by $1,000 each year over 10 years? Interest is 8% compounded annually.

Compute the value of P for the accompanying cash flow diagram. Assume i=8%. a. $1,650.19 c. $1,651.19 b. $1,680.91 d. $1,660.29