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Engineer gets royalty payments for his patent. The engineer will be paid $100,000 per year for the first 10 years. Start with year 11, the
Engineer gets royalty payments for his patent. The engineer will be paid $100,000 per year for the first 10 years. Start with year 11, the payment will be $80,000 and the payments for the following 14 years will be reduced by $5,000 per year. The last payment will be made at year 25 in the amount of $10,000, At 9% interest, how much is the Present Worth of all payments for the next 25 years?
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