18. An arithmetic gradient has cash flows of $1000 in year 4, $1200 in year 5, and amounts increasing

by $200 per year through year 10. If you use the factor 200(PG,10%,N) to find PGin year 3, the

value of N you have to use in the PG factor is: [4]

a. 10

b. 9

c. 8

d. 7

e. 5