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The first of a series of 30 annual payments is 1000 and each subsequent payment is 1% smaller than the previous one. What is the
The first of a series of 30 annual payments is 1000 and each subsequent payment is 1% smaller than the previous one. What is the accumulated value of this series at the time of the final payment if (i) i=1%, (ii) i=5% and (iii) i=10%?
I have attempted part i and I got the wrong answer by a lot. Answers in the back are (i) 30,407, (ii) 59,704, (iii) 151,906.
my attempt:
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