Question
What is the equal payment series for 12 years that is equivalent to a payment series of $15,000 at the end of the first year,
What is the equal payment series for 12 years that is equivalent to a payment series of $15,000 at the end of the first year, decreasing by $1,000 each year over 12 years? Interest is 8% compounded annually.( Please Show Detailed Work)
| a. | $15,000/year | |
| b. | $11,548/year | |
| c. | $10,404/year | |
| d. | $9,000/year |
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Short Term Financial Management
Authors: Terry S. Maness, John T. Zietlow
3rd Edition
0324202938, 978-0324202939
