What is the equal-payment series for 10 years that is equivalent to a payment series starting with $30,000 at the end of the first year and decreasing by $3,000 each year over 10 years? Interest is 8% compounded annually.
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Q: You have borrowed $28,000 at an interest rate of 12% compounded annually.Equal payments will be made…
A: Equivalent annual value can be calculated as follows: Thus, the annual worth is $9,218.56
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