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What is the equivalent present amount of a 9-year series of decreasing amounts if the interest rate is 10% compounded annually, the first-year amount is
What is the equivalent present amount of a 9-year series of decreasing amounts if the interest rate is 10% compounded annually, the first-year amount is $30,000 and the rate of decrease is $1,000 per year?
a.) $93875.03
b.) $45678.11
c.) $153348.35
d.) $90,000
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