Using an annual effective interest rate of 7%, find X

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....
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You invest 50,000 at time 0 in order to receive payments of X at times 15,16,17 and so on with the last payment at time 25 (all in years). Using an annual effective interest rate of 7%, find X

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