A geometrically increasing series

Reference no: EM13688873

A geometrically increasing series of 15 ends of year payments is deposited to fund an account. The first payment is $75,000 the geometric factor is 5%. The account will produce 30 consecutive annual payments of $100,000 starting at the end of year 16. Calculate the interest necessary to fund this account.

Reference no: EM13688873

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