Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter6: Saving And Investing
Section6.1: Why Save?
Problem 6R
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Question
The AMC charges for a water purifier costs Rs. 2500 per year starting now. The AMC costs increase by Rs. 100 each year. The purchaser skips the AMC in the 3rd year. For a period of 8 years, calculate the equivalent annual series. Assume an interest rate of 8%.
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