A person deposits P10,000 each year for 9 years. He then withdraws annually from the bank P5,000 for 8 years starting 1 year after the 9th deposit is made. Note: Make a cashflow diagram.

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9. The price of money Suppose that Rajiv borrows $50,000 at 5% per year to purchase equipment for his business. Complete the following table by calculating the amounts that Rajiv will have to repay in full if he borrows for three different periods (months), assuming compound interest. Period (Months) 30 40 45 Amount (Dollars)

Show complete solution (please write eligibly)   1. Find the uniform annual amount that is equivalent to a uniform gradient series in which the first year’s payment is $500, the second year’s payment is $600, the third year’s payment is $700, and so on, and there are a total of 22 payments. The annual interest rate is 11%. Round answer to 2 decimal places.