3. An engineer deposits $8000 in year 1, $8500 in year 2, and amounts increasing by $500 per year through year 10. At an interest rate of 10% per year, the present worth in year 0 is closest to (a) $60.600 (b) $98.300 (c) $157,200 (d) $173,400
3. An engineer deposits $8000 in year 1, $8500 in year 2, and amounts increasing by $500 per year through year 10. At an interest rate of 10% per year, the present worth in year 0 is closest to (a) $60.600 (b) $98.300 (c) $157,200 (d) $173,400
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![3. An engineer deposits $8000 in year 1, $8500 in year 2, and amounts increasing by $500 per
year through year 10. At an interest rate of 10% per year, the present worth in year 0 is closest to
(a) $60,600
(b) $98,300
(c) $157,200
(d) $173,400](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fffaa399f-b908-4d3c-b960-2737bb7a7df6%2F1b0e9ae1-c0bd-46c3-8394-a8fe01371d21%2F1l3kx3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:3. An engineer deposits $8000 in year 1, $8500 in year 2, and amounts increasing by $500 per
year through year 10. At an interest rate of 10% per year, the present worth in year 0 is closest to
(a) $60,600
(b) $98,300
(c) $157,200
(d) $173,400
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