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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

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