NMTeX Oil company owns several gas wells in Carlsbad, NM. Income from the depleting wells has been decreasing according to an arithmetic gradient for the past five years. If the interest rate is 10% per year and income in year 1 from well no. 24 was $390,000 and it decreased by $15,000 each year thereafter, (a) what was the income in year 3, and (b) what was the equivalent annual worth of the income through year 5?

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Sequence and Series

A sequence is defined as a collection of things. Series is defined to sum the things one by one in the sequence.  It was invented by German mathematician Carl Friedrich Gauss.