10% 8. Find the equal-annual-payment series that would be equivalent to the fol- lowing increasing series of payments if the interest rate is 12% (a) compounded annually; (b) compounded continuously. Answer: b. $1,105 $600 at the end of the first year. $800 at the end of the second year. $1,000 at the end of the third year. $1,200 at the end of the fourth year. $1,400 at the end of the fifth year. $1,600 at the end of the sixth year. $1,800 at the end of the seventh year