Question
As an owner of an apartment in a housing complex, you are obligated to pay annual maintenance fees. The first payment at EOY 1 is
As an owner of an apartment in a housing complex, you are obligated to pay annual maintenance fees. The first payment at EOY 1 is $1500 and the payment each following year will be 8% more than the payment the year before, If the annual interest rate is 8%, calculate the present worth (at EOY 0) of the annual payments from EOY 1 to EOY 10.
correct answer: 13888.89
Do not use Excel, I want to know what formual need to use.
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Advanced Accounting
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
11th Edition
978-0132568968, 9780132568968
