a) What annual expenditure for 12 years is equivalent to spending $1,000 at the end of the first year, $1,500 at the end of the 5th year, and $2,000 at the end of the 9th year, if the interest is at 8% per annum? b) What single amount paid at the beginning of the first year is equivalent to the series of unequal payments in (a), with interest at 8%?

a) What annual expenditure for 12 years is equivalent to spending $1,000 at the end of the first year, $1,500 at the end of the 5th year, and $2,000 at the end of the 9th year, if the interest is at 8% per annum? b) What single amount paid at the beginning of the first year is equivalent to the series of unequal payments in (a), with interest at 8%?

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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b) What single amount paid at the beginning of the first year is equivalent to the series of unequal payments in (a), with interest at 8%?

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