Question: The following series of payments will repay a present sum of $5000 at an 8% interest rate. Using single payment factors, what present sum is

The following series of payments will repay a present sum of $5000 at an 8% interest rate. Using single payment factors, what present sum is equivalent to this series of payments at a 10%interest rate?

End of Year

Year Payment

1................................$1400

2................................. 1320

3................................. 1240

4................................. 1160

5................................. 1080

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