a series of 12 annual payments of $2400 is equivalent to three equal payments, one each at the end of 12 years, 16 years, and 20 years. The interest is 8%, compound annually. What is the amount of the three equal payments? express your answer in whole number.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 5Q: If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the...
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a series of 12 annual payments of $2400 is equivalent to three equal payments, one each at the end of 12 years, 16 years, and 20 years. The interest is 8%, compound annually. What is the amount of the three equal payments? express your answer in whole number.

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