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Income from the sale of application software (apps) is usually constant for several years and then decreases quite rapidly as the market gets close to
Income from the sale of application software (apps) is usually constant for several years and then decreases quite rapidly as the market gets close to saturation. Income from one smart phone app was $65,000 in years 1 through 4 and then decreased geometrically by 12% per year through year 8. Determine the equivalent annual income in years 1 through 8, using an interest rate of 5% per year.
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