$200 $200 $150 $150 $100 1 2 3 4 6 7

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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3.29

$250 $250
$200 $200
$150 $150
$100 $100
1
2
3
4
5 6 7
Years
P
3.29 What is the equal payment series for 12 years that is equivalent to a payment se-
ries of $15,000 at the end of the first year, decreasing by $1,000 each year over
12 years? Interest is 8% compounded annually.
Transcribed Image Text:$250 $250 $200 $200 $150 $150 $100 $100 1 2 3 4 5 6 7 Years P 3.29 What is the equal payment series for 12 years that is equivalent to a payment se- ries of $15,000 at the end of the first year, decreasing by $1,000 each year over 12 years? Interest is 8% compounded annually.
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