Land is purchased for $75,000. It is agreed for the land to be paid for over a 5-year period with annual payments and using a 12% annual compound interest rate. Each payment is to be $3,000 more than the previous payment. Determine the size of the last payment.

Land is purchased for $75,000. It is agreed for the land to be paid for over a 5-year period with annual payments and using a 12% annual compound interest rate. Each payment is to be $3,000 more than the previous payment. Determine the size of the last payment.

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

Section: Chapter Questions

Problem 1PS

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Land is purchased for $75,000. It is agreed for the land to be paid for over a 5-year period with annual
payments and using a 12% annual compound interest rate. Each payment is to be $3,000 more than the
previous payment. Determine the size of the last payment.

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