ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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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.
Use any of the following formula to solve the problem
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